Claim Compensation Sample Clauses

Claim Compensation. The payment of any claim, or any portion thereof, that is deemed valid by the Engineer shall be made in accordance with the following provisions of this Article:

Claim Compensation. The sum insured is the maximum amount that the Insurer will indemnify for each insured event. The sum insured for damage, loss, and theft of the Insured Device is the replacement or repair cost of the Insured Device per claim. If the damaged Device cannot be repaired, it is replaced firstly with a device of the same make and model with equivalent functions and condition that the Insured Device had immediately before the damage occurred. In addition, if a device of the required make and model is no longer available at LMT R&L, the Insured Device will be replaced with a model with equivalent functions. The Insurer reserves the right to determine whether the damaged Device is to be repaired or replaced. The amount of compensation is maximised to the LMT R&L list price of the device when the Insurance was purchased, which in any case shall not be more than EUR 4 000 (including VAT) per instance of an insured event. There are no deductions made for age. A maximum of 1 (one) theft/loss claim can be reimbursed within each 12 month period counting from the Inception Date. If the Insured Device is replaced, the Insurance continues to apply in respect of the replaced device. In such a case, an updated policy will be sent to the e-mail of the Insured indicated in the policy, and available at Mans LMT to reflect the new serial number (IMEI) and other changes. In the case of unauthorised use covered by the insurance, a maximum of EUR 1 000 (Including VAT) per instance of damage is paid for such costs. The Insured will be reimbursed through a credit post on the LMT service invoice. The deductible is paid by the Insured as instructed. VAT, if applicable, is included in the claim compensation. After compensation is granted by the Insurer, the Insurer assumes the rights of the Insured to compensation from the person who is responsible for the loss. Cash compensation is not paid.