BASIS OF INDEMNITY. Basis of Indemnity shall be on Reinstatement Value. If the Sum Insured is less than the Reinstatement Value of the Glass insured, then the Insured shall be considered his own insurer for the difference between Sum Insured and the Reinstatement Value and accordingly shall bear a rateable proportion of the loss or damage. Each item of Glass insured, if more than one, shall be separately subject to this condition. PROVIDED that the Company will not be liable for any misdescription of the Glass insured and that unless expressly stated in the Schedule, all Glass insured shall be considered plain and of ordinary glazing quality and without embossing, silvering, lettering, bending or ornamental work of any kind. Further that the Company shall not be responsible for breakage of any lettering mentioned in the Schedule unless such breakage be caused by breakage of the Glass to which it is affixed. PROVIDED FURTHER that the due observance and fulfilment of the conditions contained herein or endorsed hereon shall so far as the nature of them respectively will permit, be deemed to be conditions precedent to the right of the Insured to recover hereunder.
BASIS OF INDEMNITY a) In cases where damage to an insured item can be repaired, the Company will pay expenses necessarily incurred to restore the damaged machine to its former state of serviceability plus the cost of dismantling and re-erection incurred for the purpose of effecting the repairs as well as ordinary freight to and from a repair shop, customs duties, if any, to the extent such expenses have been included in the Sum Insured. If the repairs are executed at a workshop owned by the Insured the Company will pay the cost of materials and wages incurred for the purpose of the repairs plus a reasonable percentage to cover overhead charges. No deduction shall be made for depreciation in respect of parts replaced except for
i. wear and tear parts and
ii. parts for which manufacturers have specified a fixed life for use and the like but the value of any salvage will be taken into account. Parts which are not supposed to last the full life of the machine will have to be treated as wear and tear parts. If the cost of repairs as detailed hereinabove equals or exceeds the actual value of the machinery insured immediately before the occurrence of the damage the settlement shall be made on the basis provided for in (b) below.
b) In cases where an insured item is destroyed, the Company will pay the actual value of the item immediately before the occurrence of the loss including costs for ordinary freight erection and customs duties, if any, provided such expenses have been included in the Sum Insured, such actual value to be calculated by deducting proper depreciation from the replacement value of the item. The Company will also pay any normal charges for the dismantling of the machinery destroyed but the salvage will be taken into account.
c) Any extra charges incurred for overtime, night-work, work on public holidays, express freight are covered by this insurance only if especially agreed to in writing.
d) In the event of the makers’ drawings, patterns and core boxes necessary for the execution of a repair not being available the Company shall not be liable for cost of making any such drawing patterns or core boxes.
e) The cost of any alterations, improvements or overhauls shall not be recoverable under this Section.
f) The cost of any provisional repairs will be borne by the Company if such repairs constitute part of the final repairs and do not increase the total repair expenses.
g) If the Sum Insured is less than the amount required to be insured as per Provision 1 hereinabo...
BASIS OF INDEMNITY. In the event of Property insured being Damaged by any of the specified perils under Section I – Coverage for Your Home” or “Section II – Additional Protection”, We shall indemnify on the basis of Purchase/Invoice Price as per Section Sum Insured specified in the Policy Schedule or upto 10% of the Personal Possessions/Contents I (B) with an excess Rs.1000 for each and every claim. Claim payable will be reduced by depreciation calculated at 15% per annum from the date of manufacture, subject to maximum depreciation of 75% of the replacement cost.
BASIS OF INDEMNITY. The indemnity in respect of the Pedal Cycles covered under this section will be on the basis of ‘Market Value’ upto an amount as specified in the Policy Schedule with an excess of 2.5% of Sum Insured or minimum of Rs.250 for each and every claim. Our Liability shall be for upto 2 pedal cycles covered, only once during the Policy year.
BASIS OF INDEMNITY. If You are the Owner-Occupant, the additional rent borne by You is arrived at after deducting the standard rent of the premises from the actual rent paid for the alternative accommodation. The standard rent shall be based on the ratable values fixed by the Municipal/Revenue authorities for tax purposes. • If You are a tenant only and for safeguarding Your legal tenancy rights are obliged to pay rent for the premises even during the period when it is not fit for occupation, the additional rent borne by You is the actual rent for the alternative accommodation. • If You are a tenant and are not obliged to pay rent for the Insured Home during the period when it is not fit for occupation, the additional rent borne by You is the actual rent paid for alternative accommodation taken less the rent which You were paying for the premises immediately prior to the same being Damaged or destroyed by Insured Perils and rendered unfit for occupation.
BASIS OF INDEMNITY. In cases where damage to an insured item can be repaired the Company will pay expenses necessarily incurred to restore the damaged equipment to its former state of serviceability plus the cost of dismantling and re-erection incurred for the purpose of effecting the repairs as well as ordinary freight to and from a repair-shop, customs duties and dues if any, to the extent such expenses have been included in the Sum Insured. If the repairs are executed at a workshop owned by the Insured, the Company will pay the cost of materials and wages incurred for the purpose of the repairs plus a reasonable percentage to cover overhead charges. No deduction shall be made for depreciation in respect of parts replaced, except those with limited life, but the value of any salvage will be taken into account. If the cost of repairs as detailed hereinabove equals or exceeds the actual value of the equipment insured immediately before the occurrence of the damage, the settlement shall be made on the basis provided for in (b) below.
BASIS OF INDEMNITY. The Company hereby agrees to indemnify and hold harmless, the Manager, its directors, officers, employees, agents and their respective legal representatives, successors and assigns (each hereinafter referred to as an "Indemnified Party"), from and against any and all direct or consequential damages, costs, expenses, losses, claims, demands, liabilities and/or obligations, including, without limitation, reasonable counsel's fees (hereinafter referred to as "Damages"): (i) resulting from any breach of any warranty, representation, agreement or covenant of the Company set forth or incorporated by reference in this Agreement, or the discharge by the Manager of its obligations under this Agreement (except insofar as arising from the gross negligence or willful breach of this Agreement by the Manager or its employees or agents); or (ii) in any way related to the Company, and/or the obligations, liabilities or properties thereof or the Business, whether incurred or resulting from any state of facts heretofore or hereinafter arising (except insofar as any such Damages shall have arisen as a result of the gross negligence or willful misconduct of the Manager, its employees or agents in the performance of the Manager's duties hereunder).
BASIS OF INDEMNITY. The indemnity in respect of Building and Personal Possessions/Contents shall be on the basis as opted by You and shown in the Schedule. In the event of Property insured being Damaged by any of the specified perils, We shall pay for the amount of Damage or loss or at Our option replace or repair the Damaged property. If at the time of loss, the Property hereby insured is found to be collectively of greater value than the Sum Insured thereon, then You shall be considered as being Your own insurer for the difference and shall bear a ratable proportion of the loss accordingly.
BASIS OF INDEMNITY. In the event of insured loss or damage, the basis of indemnity shall be the cost of repairs or reconstruction necessary to restore the Property Insured to its condition immediately before the occurrence of the loss or damage, less the value of any salvage. If the value of one item or part thereof is increased by such repair or reconstruction, the indemnity of the Insurers shall be reduced by the amount of such increase. The cost of any temporary repairs will be borne by the Insurers, provided such repairs do not increase the total repair costs that would otherwise have been incurred. Subject to General Condition 6.6, Notice of Accidents, all repairs or reconstructions shall occur with reasonable despatch, and the costs recoverable shall be those actually incurred(which shall be confirmed by the production of settled invoices, accounts or other documents as required by the Insurers). The cost of any alterations, additions or improvements to the Property Insured, land, subsoil, slopes shall not be recoverable under this Policy.
BASIS OF INDEMNITY. The cover provided under this Section shall be limited to loss of Gross Profit due to (ⅰ) Reduction in Turnover and (ⅱ) Increase in Cost of Working and the amount payable as indemnity thereunder shall be:
(a) in respect of Reduction in Turnover: the sum produced by applying the Rate of Gross Profit to the amount by which the Turnover during the Indemnity Period shall fall short of the Standard Turnover in consequence of the Incident; and
(b) in respect of Increase in Cost of Working: the additional expenditure necessary and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in Turnover which, without such expenditure, would have taken place during the Indemnity Period in consequence of the Incident, but not exceeding the sum produced by applying the Rate of Gross Profit to the amount of the reduction thereby avoided less any sum saved during the Indemnity Period in respect of such charges and expenses of the Business Insured payable out of Gross Profit as may cease or be reduced in consequence of the Incident. The Indemnity period is the period beginning with the occurrence of the Incident and ending not later than the Maximum Indemnity Period Limit, during which the results of the Business Insured shall be affected in consequence thereof. The indemnity is reduced in the same proportion as the Time Excess bears to the Indemnity Period. The Time Excess runs from the occurrence of the Incident.
