Common use of BASIS OF INDEMNITY Clause in Contracts

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.