Common use of On Personal Property Clause in Contracts

On Personal Property. On personal property, fixtures, equipment and structures that are not buildings, an insured loss will be paid on the basis of Replacement Cost: 1. Being the cost to repair or replace, whichever is less, at the time of the loss or damage with new materials of like kind and quality, without deduction for depreciation; 2. Provided the repair or replacement is executed with due diligence and promptly; 3. The amount we pay will be the lesser of the actual expenditure to repair or replace, but not exceeding the applicable limit of insurance. a. Property which was not in good and workable condition; b. Property not being used by you, or being stored by you, unless the property is intended for use and only temporarily out of service; c. Articles, which by their inherent nature cannot be replaced with same or similar articles, such as: antiques, fine arts, paintings, statuary, memorabilia, souvenirs, photographs, negatives, rare books, manuscripts and collectors’ items; d. Other similar articles the age, history and rarity of which contribute significantly to their value; e. Property, which at the time of loss or damage is no longer manufactured, or is unobtainable, but we will pay the cost of a new article of comparable quality and usefulness. If you choose not to repair or replace any article, we will pay for the loss or damage to that article on the basis of “Actual Cash Value”.

On Personal Property. On personal property, fixtures, equipment and structures that are not buildings, an insured loss will be paid on the basis of Replacement Cost: 1. Being the cost to repair or replace, whichever is less, at the time of the loss or damage with new materials of like kind and quality, without deduction for depreciation; 2. Provided the repair or replacement is executed with due diligence and promptly; 3. The amount we pay will be the lesser of the actual expenditure to repair or replace, but not exceeding the applicable limit of insurance. a. Property which was not in good and workable condition; b. Property not being used by you, or being stored by you, unless the property is intended for use and only temporarily out of service; c. Articles, which by their inherent nature cannot be replaced with same or similar articles, such as: antiques, fine arts, paintings, statuary, memorabilia, souvenirs, photographs, negatives, rare books, manuscripts and collectors’ items; d. Other similar articles the age, history and rarity of which contribute significantly to their value; e. Property, which at the time of loss or damage is no longer manufactured, or is unobtainable, but we will pay the cost of a new article of comparable quality and usefulness. If You do not Repair or Replace If you choose not to repair or replace any article, we will pay for the loss or damage to that article on the basis of “Actual Cash Value”.