Common use of Insurance Value Clause in Contracts

Insurance Value. 3.1. The insurance value for the property which is the object of this Special Condition shall correspond to its replacement value as new, in other words, to the acquisition cost, as at the date of the claim, of new property endowed with the same characteristics, functions and performance as the insured property, including any possible packaging, freight, assembly costs, customs’ duties, taxes and fees.

Insurance Value. 3.1. The 4.1 It is hereby established that the insurance value for the property which is the object of this Special Condition shall correspond to its replacement value as newvalue, in other words, to the acquisition cost, as at the date of the claim, of new property endowed with the same characteristics, functions and performance as the insured property, including any possible packaging, freight, assembly costs, customs’ duties, taxes and fees.