Limits of Liability – Settlement Options. The limit of the Insurer's liability for “loss” shall not exceed the applicable limit of insurance stated on the Declarations Page, nor what it would cost at the time of “loss” to repair or replace the property with other of like kind and quality, nor as respects “securities” the actual cash value thereof at the close of business on the business day next preceding the day on which the “loss” was discovered, nor as respects other property the actual cash value thereof at the time of “loss”; provided, however, the actual cash value of such other property held by the Insured as a pledge, or as collateral for an advance or a loan, shall be deemed not to exceed the value of the property as determined and recorded by the Insured when making the advance or loan nor, in the absence of such record the unpaid portion of the advance or loan plus accrued interest thereon at legal rates. The applicable limit of insurance stated on the Declarations Page is the total limit of the Insurer's liability for with respect to all loss of property of one or more persons or organizations arising out of any one occurrence. Any “loss” caused by any person or in which such person is concerned or implicated, or any “loss” incidental to an actual or attempted burglary or “robbery”, shall be deemed to arise out of one occurrence. The Insurer may pay for the “loss” in “money” or may repair or replace the property and may settle any claim for “loss” of property either with the Insured or the owner thereof. Any property so paid for or replaced shall become the property of the Insurer. Any property recovered after settlement of a “loss” shall be applied first to the expense of the parties in making such a recovery, with any balance applied as if the recovery had been made prior to said settlement, and “loss” readjusted accordingly. The Insured or the Insurer, upon recovery of any such property, shall give notice thereof as soon as practicable to the other.
Limits of Liability – Settlement Options. The limit of the company’s liability for loss shall not exceed the applicable limit of liability stated in the declarations, nor what it would cost at the time of loss to repair or replace or replace the property with other of like kind and quality, nor as respects securities the actual cash value thereof at the close of business on the business day next preceding the day on which the loss was discovered, nor as respects other property the actual cash value thereof at the time of loss; provided, however, the actual cash value of such other property held by the insured as a pledge, or as collateral for an advance or a loan, shall be deemed not to exceed the value of the property as determined and recorded by the insured when making the advance or loan, nor, in the absence of such record, the unpaid portion of the advance or loan plus accrued interest thereon at legal rates. The applicable limit of liability stated in the declarations is the total limit of the company’s liability with respect to all loss of property of one or more persons or organizations arising out of any one occurrence. All loss incidental to an actual or attempted fraudulent, dishonest or criminal act or series of related acts at the premises, whether committed by one or more persons, shall be deemed to arise out of one occurrence. The company may pay for the loss in money or may repair or replace the property and may settle any claim for loss of property either with the insured or the owner hereof. Any property so paid for or replaced shall become the property of the company. Any property recovered after settlement of a loss shall be applied first to the expense of the parties in making such recovery, with any balance applied as if the recovery had been made prior to said settlement, and loss readjusted accordingly. The insured or the company, upon recovery of any such property, shall give notice thereof as soon as practicable to the other. Subject to the other provisions of this condition, any payment made by the company because of loss under Coverage C shall reduce the applicable limit of liability, provided the amount of such reduction shall be reinstated upon approval of the vault or safe by the company.
Limits of Liability – Settlement Options. The Insurer shall not be liable on account of any loss unless the amount of such loss shall exceed the amount of the deductible described in Conditions 3.
Limits of Liability – Settlement Options. The limit of the Insurer's liability for loss shall not exceed the applicable limit of insurance stated in the declarations, nor what it would cost at the time of loss to repair or replace the property with other of like kind and quality, nor as respects securities the actual cash value thereof at the close of business on the business day next preceding the day on which the loss was discovered, nor as respects other property the actual cash value thereof at the time of loss; provided, however, the actual cash value of such other property held by the Insured as a pledge, or as collateral for an advance or a loan, shall be deemed not to exceed the value of the property as determined and recorded by the Insured when making the advance or loan nor, in the absence of such record the unpaid portion of the advance or loan plus accrued interest thereon at legal rates. . The applicable limit of insurance stated in the declarations is the total limit of the Insurer's liability with respect to all loss of property of one or more persons or organizations arising out of any one occurrence. Any loss caused by any person or in which such person is concerned or implicated, or any loss incidental to an actual or attempted burglary or robbery, shall be deemed to arise out of one occurrence. . The Insurer may pay for the loss in money or may repair or replace the property and may settle any claim for loss of property either with the Insured or the owner thereof. Any property so paid for or replaced shall become the property of the Insurer. Any property recovered after settlement of a loss shall be applied first to the expense of the parties in making such recovery, with any balance applied as if the recovery has been made prior to said settlement, and loss readjusted accordingly. The Insured or the Insurer, upon recovery of any such property, shall give notice thereof as soon as practicable to the other.
