Insurance and Responsibility for Lost/Stolen Equipment. The Hirer agrees to pay the Supplier the full new list sale rate for any equipment which is lost or stolen or damaged beyond economic repair, and without any deduction for usage, wear and tear or age, and should insure the goods on this basis. All monies received by the Hirer from an Insurance Company or from any other source in settlement of any claim relating to the loss, theft or damage of equipment, shall, to the extent that any payment is due to the Supplier under this condition be held in trust by the Hirer (or successor/assigned body) and paid to the Supplier on demand. In the event of loss or damage to the equipment the Suppliers account shall be payable in full on demand and such payment shall not be conditional on prior recovery by the Hirer of any sums under a policy of insurance or from any other source. Notwithstanding this condition, to the extent that any payment remains due to the Supplier under it all monies to the amount of that payment received by the Hirer from a policy of insurance or any other source in settlement of a claim relating to the loss, theft or damage of equipment shall be held by the Hirer on trust for the Supplier and paid to the Supplier on demand.
