LOSS PAYMENT BASIS/VALUATION. On Contractors Equipment (whether self-propelled or not), on or off premises, where Replacement Cost (New) values are specified, loss or damage shall be based on 100% of the Replacement Cost (New) at the time of loss. Partial losses shall be based on the cost of repairing or replacing the damaged portion, up to the fair market value of the Contractors Equipment. However, should these costs exceed the fair market value then recovery shall be based upon the Replacement Cost (New). If the values, provided by the “Member”, provides a valuation based on replacement cost, then recovery will be on the same basis, if replaced. If not replaced, the basis of recovery shall be actual cash value.
LOSS PAYMENT BASIS/VALUATION. In case of loss to “Your” property covered hereunder, the basis of adjustment shall be as of the time and place of loss as follows:
1) On all real and personal property, including property of others in the care or control by “You” at the replacement cost (as defined below) at the time of the loss without deduction for depreciation. If property is not replaced within a reasonable period of time, then the actual cash value shall apply.
2) On improvements and betterments at the replacement cost at time of loss without deduction for depreciation. If property is not repaired or replaced within a reasonable period of time, then the actual cash value shall apply. If replaced or repaired by others for “Your” use, there shall be no liability hereunder. “We” agree to accept and consider the “Member” as sole and unconditional owner of all improvements and betterments, any contract or lease “You” may have made to the contrary notwithstanding.
LOSS PAYMENT BASIS/VALUATION. The valuation of each article of property covered by this Section shall be determined as follows:
a. Property of the “Member” shall be covered for and valued at the current fair market value of each article indicated on the books and records of the “Member” prior to loss, according to the “Member’s” valuation of each object covered.
b. Property of others loaned to the “Member” and for which the “Member” may be legally liable, or which the “Member” has been instructed to insure, shall be covered for and valued at the amount agreed upon for each article by the “Member” and owner(s) as recorded on the books and records of the “Member” prior to loss.
