INSURER LIABLE FOR CASH VALUE OF AUTOMOBILE Sample Clauses

INSURER LIABLE FOR CASH VALUE OF AUTOMOBILE. The Insurer shall not be liable for more than the actual cash value of the automobile at the time any loss or damage occurs, and the loss or damage shall be ascertained or estimated according to that actual cash value with proper deduction for depreciation, however caused, and shall not exceed the amount that it would cost to repair or replace the automobile, or any part thereof, with material of like kind and quality, but, if any part of the automobile is obsolete and out of stock, the liability of the Insurer in respect thereof shall be limited to the value of that part at the time of loss or damage, not exceeding the maker’s latest list price.
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Related to INSURER LIABLE FOR CASH VALUE OF AUTOMOBILE

  • Business Automobile Liability Contractor shall maintain, during the entire term of the contract, automobile liability insurance in an amount not less than five hundred thousand dollars ($500,000.00) per occurrence.

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