Common use of LOSS OR TOTAL DAMAGE Clause in Contracts

LOSS OR TOTAL DAMAGE. (a) If the Equipment is lost, stolen, destroyed or damaged beyond reasonable repair, you must: (i) immediately notify us in writing of such occurrence; (ii) pay us the replacement value for the Equipment as fairly specified by us and available on request; and (iii) continue to pay us the hiring charges for the Equipment until that replacement value is paid which is to compensate us for our loss of revenue. Payments for hire charges do not reduce your obligation to pay replacement value. (b) For the period from the beginning of the hire until the Equipment is returned to us you must maintain an insurance policy with a reputable insurer covering loss or damage to the Equipment for the replacement value and note us as an interested party on the policy. You agree to provide us with certificates of currency on request.