Insured Value. For all purposes of the Agreement, “Insured Value”, shall be equal to the Stated Value of the Goods, as hereinafter defined. The Stated Value shall mean the value the Customer, in its sole discretion, shall set for its Goods stored with the Company. This value is to be established each year in the sole discretion of the Customer and the Customer shall provide to the Company a written statement as to the Stated Value of the Goods on such form as the Company shall provide to the Customer. This written form shall be provided by the Customer within twenty (20) business days of the signing this Agreement and the value determined by the Customer shall remain in effect from the date the Stated Value is delivered to the Company until the end of the calendar year in which this Agreement is signed. This Stated Value may be changed only once a year by filing with the Company on or before October 31, of each year, a new Stated Value for Customer’s Goods, and any such change shall apply as of the first January 1, following receipt by the Company of a new written statement setting forth the revised Stated Value of the Goods. If no new Stated Value for the Goods Is filed, the last filed Stated Value shall be used by the Company to set forth the Insured Value. The Customer acknowledges that the Company is not responsible for the value determined by the Customer and that the Customer has not relied on the advice or opinion any shareholder, director, officer, employee, agent or representative of the Company in determining the Stated Value.
Insured Value. The insured value shall be 110% (one hundred ten percent) of the value of the Concentrates as per the invoice for the provisional payment, subject to adjustment to the final value, as determined in accordance with this Agreement. In the event that Seller's insurance company shall at any time charge an overage premium on vessels which are over 15 years of age, Seller shall bear and pay the full amount of such overage premium without any obligation on the part of Buyer to reimburse Seller for any portion of such premium.
Insured Value. 1. In principle, the amount of the insured value is unlimited.
2. Nevertheless every Administration has the option of limiting the insured value so far as it is concerned to an amount which may not be less than 10,000 francs.
3. In the service between Countries which have adopted different maxima, the lowest limit shall be observed mutually.
4. The insured value must not exceed the actual value of the contents of the item, but it is permissible to insure only part of that value; the amount of the insurance for papers representing a value because of the cost of their preparation must not exceed the cost of replacing the documents in case of loss.
5. Fraudulent insurance for a value greater than the actual value of the contents of an item is liable to the legal proceedings prescribed by the legislation of the Country of origin.
Insured Value. 4.2.1 The Insured Value is the insured value of Gross Profit and/or additional costs.
4.2.1.1 The Insured value of Gross Profit is the Gross Profit derived during the Calculation Period.
4.2.1.2 The Insured Value of additional costs is made up of costs as may occur in the case of a loss during the Calcula tion Period.
Insured Value. Evidence showing that the insured value of the property that will constitute the leased property after such substitution, addition, deletion, or change of term will be at least equal to 110% of the outstanding principal component of Rental Payments, unless Lender consented, in writing, to a lesser value.
Insured Value. The Leased Property has an insured real property replacement value of at least $ .
Insured Value. The insured value of the object consists of the sum of:
2.3.1 Catalogue price The catalogue price for the Insured object including an extra set of tires, as listed by the importer/manufacturer on the date of which the Vehicle Registration Document was issued.
2.3.2 Registration fee Applicable registration fees which are not reimbursed.
2.3.3 Accessories and other provisions The amount of all accessories to and or adjustments to the standard equipment not included in the catalogue price fixed by the manufacturer, the importer or the coach-builder; including stereo, rack arrangements and fittings – limited to 15,000 Kroner, mounting included (additional cover may be established pursuant to separate agreement). The insurance covers damage caused by sudden and unforeseen external events with respect to the insured object, such as collisions, off-road driving, vandalism and similar events.
3.1 The insurance provides cover for damage or loss to the Insured object caused by or consisting of the following events: Fire/theft Damage to the Insured object caused by fire, lightning and explosion, in addition to break-in and theft of the Insured object. Glass Damage to and repair of the vehicle’s external window panes (including sunroof) in the event of an accidental and sudden external influence. Damage to the vehicle’s glass roof is considered hull damage. Roadside Assistance Refer to separate conditions.
3.2 Inherent fault (consequential loss) The events mentioned under 3.1 are also covered if they are the result of an inherent fault of the insured object. Apart from the general exclusions as set out in the General Conditions NO-0001 this policy does not provide cover for:
4.1 Decrease in value Damages consisting of a decrease in value of the insured object.
4.2 Replacement transport Damages because of not being able to use the vehicle.
4.3 Inherent fault An inherent fault of the insured object, such as motor and driving gear. This exclusion does not apply if the damage was caused by an event under clause 3.1.
Insured Value follows : The insured value, which must be proved in case of loss or damage, shall not exceed the highest of the amounts calculated as 1° the cost of the insured cargo at the place of destination, plus the expected profit ; 2° the value at the place of destination on the date of arrival as determined by customary published commodity prices ; 3° the provisions in the contract of sale ; 4° replacement cost in the case of manufactured cargo provided that the corresponding invoices are produced as evidence of such replacement.
