Common use of Basis of Settlement Clause in Contracts

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 vehicleVehicle, 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 licensed under the Financial Services Insurance Act, 2013 1996 and its subsequent legislation, agreed to by both You and Us. (f) The valuation done by the relevant Head Office of the Franchise- Franchise-holder or Loss Adjuster registered licensed under the Financial Services Insurance Act, 2013 1996 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- 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:-scale:- Less than 5 years 0

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 vehicleVehicle, 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. However, this clause shall not apply if You adopt Our recommended sum insured based on Our chosen valuation system. (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 licensed under the Financial Services Insurance Act, 2013 1996 and its subsequent legislation, agreed to by both You and Us. (f) The valuation done by the relevant Head Office of the Franchise- Franchise-holder or Loss Adjuster registered licensed under the Financial Services Insurance Act, 2013 1996 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- 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:-scale:- Less than 5 years 0

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 vehicleVehicle, 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 licensed under the Financial Services Insurance Act, 2013 1996 and its subsequent legislation, agreed to by both You and Us. (f) The valuation done by the relevant Head Office of the Franchise- Franchise-holder or Loss Adjuster registered licensed under the Financial Services Insurance Act, 2013 1996 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-pre- accident condition (or as near its pre- 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:-scale:- Less than 5 years 0

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 vehicleVehicle, 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 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 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, 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- Franchise-holder or Loss Adjuster registered under the Financial Services Act, 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- 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:-scale:- Less than 5 years 0 5 15 7 25 8 30

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 vehicleVehicle, 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 licensed under the Financial Services Insurance Act, 2013 1996 and its subsequent legislation, legislation agreed to by both You and Us. (f) The valuation done by the relevant Head Office of the Franchise- Franchise-holder or Loss Adjuster registered licensed under the Financial Services Insurance Act, 2013 1996 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-pre- accident condition (or as near its pre- 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:-scale:- Less than 5 years 0

Basis of Settlement. (a) We will at Our optionOption (i) pay the cost of repairs to Your Vehicle, or (ii) pay in cash the amount of the loss or damage to Your vehicleVehicle, 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 covered in the Policy Certificate whichever is the lower figure. (c) If Your Vehicle shall at the time of happening of any loss or damage be insured covered for a sum lesser than its market value thenvalue, You shall be considered as being Your own insurer for covering yourself 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 covered value by 10% or more. (d) The In the event of a dispute, 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 Islamic Financial Services Act, Act 2013 (IFSA 2013) and its subsequent legislation, legislation agreed to by both You and Us. (f) The valuation done by the relevant Head Office of the Franchise- holder Franchise-Holder or Loss Adjuster registered under the Financial Services Act, IFSA 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 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:-scale: Less than 5 years 0 5 15 7 25 8 30