Common use of RENTAL REIMBURSEMENT COVERAGE Clause in Contracts

RENTAL REIMBURSEMENT COVERAGE. This Coverage Form is extended to respond, in the event that property insured by this ‘Contractors Tool and Equipment Coverage Form’ is damaged or destroyed by an insured peril, to include the reimbursement of the expense necessarily incurred by the Insured to rent tools or equipment to continue normal business services and operations which are interrupted as the result of such direct damage to insured tools and/or equipment by an insured peril. This extension applies only for the period of time required with the exercise of due diligence and dispatch to restore normal business service and operations or when the lost or damaged tool or equipment is replaced whichever occurs first. This extension of coverage shall be limited to a maximum limit of $1,000 per day and shall not exceed the limit of insurance for this ‘Contractors Tools and Equipment Coverage Form’.