Common use of Average Clause in Contracts

Average. If the total value of property covered which is not separately and individually specified is, at the time of the happening of any loss or damage to such property, of greater value than the sum covered thereon, the participant shall be considered as being his own company for the difference and shall bear a rateable share of the amount of the loss or damage. Each item of the table of benefits covering such property shall be separately subject to this condition.

Average. If the total value of property covered which is not separately and individually specified is, at the time of the happening commencement of any loss or damage to such propertyproperty by any peril covered against, collectively of greater value than the sum covered thereon, then the participant shall be considered as being his their own company for the difference and shall bear a rateable share of the amount of the loss or damageaccordingly. Each item of the table statement of benefits cover covering such property shall be separately subject to this condition.

Average. If the total value of property covered which is not separately and individually specified is, at the time of the happening commencement of any loss or damage to such propertyproperty by any peril covered against, collectively of greater value than the sum covered thereon, then the participant shall be considered as being his their own company for the difference and shall bear a rateable share of the amount of the loss or damageaccordingly. Each item of the table of benefits covering such property Every item, if more than one, shall be separately subject to this condition. This condition shall apply to the individual units excluding the owners interest in the land and not to the property as a whole.