Basis of Settlement. Unless otherwise provided, the Insurer is not liable beyond the actual cash value of the property at the time any loss or damage occurs and the loss or damage shall be ascertained or estimated according to such actual cash value with proper deduction for depreciation, however caused, and shall in no event exceed what it would then cost to repair or replace the same with material of like kind and quality.
Basis of Settlement. Zurich will pay the costs actually incurred in rebuilding or repairing any hidden Fixtures or structural parts of Your Home to the same condition and extent as when new.
Basis of Settlement a) We will at Our option
(i) pay the cost of repairs to Your Vehicle, or
(ii) pay in cash the amount of the loss or damage to Your vehicle, or
(iii) reinstate or replace Your Vehicle.
b) The maximum amount We will pay is the market value of Your Vehicle at the time of the loss or the sum insured in the Policy whichever is the lower figure.
c) If Your Vehicle shall at the time of happening of any loss or damage be insured for a sum lesser than its market value then, You shall be considered as being Your own insurer for the difference and shall bear the rateable proportion of the loss accordingly. Provided always that this shall not apply unless the market value at the time of the loss exceeds the insured value by 10% or more.
d) The market value of Your Vehicle would be determined in the event of a dispute by the Head Office of the Franchise-holder and this value would be equal to the cost of purchasing a replacement vehicle of the same make, model and age of Your Vehicle at the time of loss.
e) In the event no Franchise-holder is available for the make of Your Vehicle, the market value of the vehicle would be determined by a Loss Adjuster registered under the Financial Services Act, 2013 and its subsequent legislation, agreed to by both You and Us.
f) The valuation done by the relevant Head Office of the Franchise- holder or Loss Adjuster registered under the Financial Services Act, 2013 and its subsequent legislation, will be conclusive evidence in respect of the market value of Your Vehicle in any legal proceedings against Us.
g) The maximum amount We will pay for the cost of repairs to Your Vehicle shall be the expenses necessarily incurred to restore the damaged Vehicle to its pre-accident condition (or as near its pre- accident condition as is reasonably possible). If new franchise parts are used, You will have to bear the betterment portion of the franchise parts replaced in accordance with the following scale:-
Basis of Settlement. (a) We will at Our option (i) pay the cost of repairs to Your Vehicle, or (ii) pay in cash the amount of the loss or damage to Your Vehicle, or (iii) reinstate or replace Your Vehicle.
Basis of Settlement. The Company’s liability for loss to Insured Property which is damaged is as follows:
a) on Media and Data for electronic and electro mechanical data processing and production equipment, the cost of blank material plus the cost of transcription for duplicates or from originals;
b) on exposed film, records, manuscripts, drawings and other valuable papers and records, the cost of blank material plus the cost of transcription from duplicates for from originals;
c) on all other Insured Property, the lesser of the cost at the time of the Accident,
i) to repair the damaged property; or
ii) to replace the damaged property with similar property of like kind, capacity, size, quality and function. The Company shall not be liable for:
a) more than the amount actually expended by the Insured;
b) the cost of repairing or replacing any part or parts of a piece of equipment which is greater than the cost of repairing or replacing the entire piece of equipment;
c) more than the cost that would have been incurred to replace the damaged property with other property of like kind, capacity, size, quality and function in the event that replacement is by property of a better kind or quality or of a larger capacity or size;
d) more than the cost that would be incurred to replace the damaged property at the same or an adjacent site; nor
e) loss or damage to property which is useless or obsolete to the Insured. If the damaged property is not repaired or replaced within twelve (12) months after the date of the Accident then the Company will only pay for the Actual Cash Value of the damaged property. Actual Cash Value is the cost of replacing the damaged property with property of similar kind, capacity, size, quality and function less depreciation however caused. The Company will consider such items as the age, condition and normal life expectancy of the damaged property in determining depreciation.
Basis of Settlement. Xxxx, Xxxxx and Collections
2.4.1 If an insured item forms part of a pair, set or collection, Zurich will not be liable to pay more than the value of that part lost or damaged regardless of any special value which the parts together may have as a pair, set or collection and in any event not more than a proportionate part of the sum on the pair, set or collection.
2.4.2 Zurich will at its option replace an insured item with a new item of equivalent value and quality or repair the item to a condition equal to but not better than its condition when new or pay the cost of such replacement or repair whichever is lesser without any deduction for wear and tear or depreciation.
Basis of Settlement. Zurich may at its sole discretion, arrange for repair or pay the cost of replacement or repair in respect of the item insured that is lost or damaged, less an amount for wear and tear for clothing. If the item is lost or damaged beyond economical repair, Zurich will only pay the resale market value as at the time of damage or loss.
Basis of Settlement. Zurich may at its sole discretion, arrange for repair or pay the cost of replacement or repair in respect of the item insured that is lost or damaged. If the item is lost or damaged beyond economical repair, Zurich will pay the agreed value of the item individually listed in the Schedule but not exceeding the fair market value of each item as at the time of damage or loss. The burden of proof shall lay with You to adequately show to Us satisfaction that the individual value given in respect of the insured item represents no more than their current fair market value at the time of damage or loss. For a claim for partial loss or damage to any item insured, Zurich will only pay the reasonable and necessary cost and expenses of restoration and not exceeding the full fair market value or the agreed value of the item whichever is lower. Under this section, the term ‘fair market value’ means the price that would reasonably be expected to be paid for the interest by a willing buyer to a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Basis of Settlement a. If within a reasonable time after the loss or damage you replace or repair the loss or damage to your unit with materials of similar quality, we will pay for the actual cost of repairs or replacement, whichever is the lesser, without deduction for depreciation;
b. If the loss or damage is not replaced or repaired within a reasonable time, we will pay the actual cash value of the loss or damage at the time of the loss, but not more than the amount required to repair or replace. We will not pay for that portion of any assessment made necessary by a deductible clause in the insurance of the Condominium Corporation.
Basis of Settlement. The WDC shall not incur or pay any further obligation pursuant to this Contract beyond the termination date set by the WDC in its Notice of Termination. The WDC shall pay for satisfactory services provided in accordance with this Contract prior to the termination date. In addition, any obligation necessarily incurred by the Contractor on account of this Contract prior to receipt of notice of termination and falling due after the termination date shall be paid by the WDC in accordance with the terms of this Contract. In no event shall such obligation be construed as including any lease or other occupancy agreement, oral or written, entered into between the Contractor and its landlord.
