Common use of Brands and Labels Clause in Contracts

Brands and Labels. In the event of direct physical loss or damage arising out of a “breakdown” to “insured property” bearing a “brand”, the sale of which carries or implies the guarantee or the responsibility of the Insured or the manufacturer, the Insurer will pay the cost of removing or re-identifying the “brand” from such damaged “insured property”. Any salvage of such damaged “insured property” will not be disposed of by sale without the Insured’s consent. If removing or re-identifying of the “brand” is not possible or is impractical, the Insurer will pay the cost to dispose of the damaged “insured property”. The Insured shall have the right to dispose of the salvage in the manner it considers appropriate. If the salvage of the damaged “insured property” is not disposed of by sale by the Insurer, the Insured will allow the Insurer to deduct the salvage value from the amount payable to the Insured. Salvage value will be determined as the value that could have been realized after removal or re-identifying of the “brand”.

Brands and Labels. In the event of direct physical loss or damage arising out of a “breakdown” to “insured property” bearing a “brand”, the sale of which carries or implies the guarantee or the responsibility of the Insured or the manufacturer, the Insurer will pay the cost of removing or re-identifying the “brand” from such damaged “insured property”. Any salvage of such damaged “insured property” will not be disposed of by sale without the Insured’s consent. If removing or re-identifying of the “brand” is not possible or is impractical, the Insurer will pay the cost to dispose of the damaged “insured property”. The Insured shall have the right to dispose of the salvage in the manner it considers appropriate. If the salvage of the damaged “insured property” is not disposed of by sale by the Insurer, the Insured will allow the Insurer Insure r to deduct the salvage value from the amount payable to the Insured. Salvage value will be determined as the value that could have been realized after removal or re-identifying of the “brand”.