Newly Acquired Equipment Sample Clauses

Newly Acquired Equipment. This Form also insures additional items of a similar kind to that scheduled in the “Declarations Page” acquired by the Insured during the policy period, subject to notice to the Insurer within ninety (90) days from the date of acquisition and payment of a pro rate additional premium from such date. It is agreed that the Insurer shall cease to insure such items at the end of the said ninety (90) days if they are not reported within that time. This extension of insurance shall be limited to the Newly Acquired Equipment limit shown in the “Declarations Page” or, if no such limit be shown, to a maximum recovery of fifty thousand dollars ($50,000) subject to the deductible shown for that particular type of equipment on the “Declaration Page”, with respect to any one loss or series of losses arising out of the same event.

Newly Acquired Equipment. If “you” acquire any additional “watercraft”, “outboard motors” or “miscellaneous equipment” while this coverage is in effect, “we” will automatically insure it provided “you” tell us within 14 days of acquisition. Under this condition “we” will not pay more than 25% of the total limit of insurance provided by this coverage. Actual Cash Value Replacement Cost

Newly Acquired Equipment. Project Equipment newly acquired with SNPLMA funds is intended to be used solely for the project for which it was acquired throughout the duration of the project. Agencies are expected to follow all agency policies and procedures for acquisition of equipment (e.g., vehicles, IT equipment, etc.). Leasing equipment is preferred over purchase of equipment. Leased equipment must be leased solely for use by the approved project and only for the time period the equipment will actually be needed for the project or the minimum time period allowed by the vendor selected by the contracting officer. If purchasing equipment is less expensive than leasing the equipment for the time period needed for the project, thus resulting in a cost savings over leasing, then the purchase price of the equipment will be fully reimbursable even if the equipment will be used elsewhere after it’s no longer needed for the approved project. In this instance, no reimbursement to the SNPLMA account will be required regardless of the value of the equipment upon completion of the project (see below) due to the overall cost savings compared to leasing.