Common use of Condition of Average Clause in Contracts

Condition of Average. If the property hereby insured shall at the time of loss or at the commencement of any destruction of or damage to the proper ty by any other peril hereby insured against be collectively of greater value than the Sum Insured thereon, then the Insured shall be considered as being his own insurer for the difference and shall bear a ratable proportion of the loss accordingly. Every it em, if more than one, of the Policy shall be separately subject to this condition

Condition of Average. If the any property hereby insured under this Policy shall at the time of loss loss, or at the commencement of any destruction of or damage to the proper ty such property by any other peril hereby insured against against, be collectively of greater value than the Sum Insured thereonavailable under the applicable Benefit/Section, then the Insured Person shall be considered as being his his/her own insurer for the difference and shall bear a ratable proportion of the loss accordingly. Every it emBenefit applicable, if more than one, of the Policy shall be separately subject to this condition.