Common use of Basis of Settlement Clause in Contracts

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. The Company’s 's liability for loss to Insured Property which is damaged is as follows: a) on business records, including Media and Data for electronic and electro mechanical data processing and production equipment, the cost of blank material plus the cost of transcription for from duplicates or from originals; b) on exposed filmused, records, manuscripts, drawings and other valuable papers and recordsrefurbished or altered property, the cost Actual Cash Value of blank material plus the cost of transcription from duplicates damaged property but in no event shall the Company be liable for from originalsmore than the amount paid by the Insured to purchase and refurbish such property prior to any loss or damage; 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: a1) more than the amount actually expended by the Insured; b2) 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; c3) 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; d4) more than the cost that would be incurred to replace the damaged property at the same or an adjacent site; nor e5) 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.