Sum Insured. The builder’s risk policy shall (i) be on a completed value form, with no periodic reporting requirements, (ii) insure 100% of the replacement value of the Improvements, and (iii) value losses at replacement cost, without deduction for physical depreciation or obsolescence including custom duties, taxes and fees (if rebuilt or repaired).
Sum Insured. Sum Insured means the amount specified in the Certificate of Insurance that represents Our maximum, total and cumulative liability for any and all claims made in respect of that Insured Person during the Coverage Period.
Sum Insured. It is the requirement of this insurance that the Sum Insured shall be equal to the cost of replacement of each item of the insured property by new property of the same kind and same capacity which shall mean its replacement cost including freight and customs duties, if any, and erection costs.
Sum Insured. A sum sufficient to cover the sums the subject of the Indemnity for the Indemnity Period.
Sum Insured. In case of Individual Policy, Sum Insured means the total of the Base Sum Insured and Loyalty Additions as per Section 4.1 which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of the Insured Person. In case of Family Floater Policy, Sum Insured means the total of the Base Sum Insured and Loyalty Additions as per Section 4.1 which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of all Insured Persons. In case of Family First Policy, Sum Insured means the total of the Base Sum Insured for each Insured Person, the Loyalty Additions as per Section 4.1 for each Insured Person and the Floater Sum Insured specified in the Schedule of Insurance Certificate which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of each Insured Person. For aforesaid purposes:
a. The Base Sum Insured stated in the Schedule of Insurance Certificate for each Insured Person is available for claims in respect of that Insured Person only, during the Policy Year.
b. If the Base Sum Insured for an Insured Person is exhausted due to payment of claims, then that Insured Person may utilise the Floater Sum Insured stated in the Schedule of Insurance Certificate for any claims arising in that Policy Year. In the event of a claim being admitted from the Floater Sum Insured, the Floater Sum Insured shall stand correspondingly reduced by the amount of claim paid (including ‘taxes’) or admitted and only the remaining amount of the Floater Sum Insured shall be available for claims arising in that Policy Year in respect of the Insured Persons who have exhausted their Base Sum Insured during that Policy Year.
c. The total of the Base Sum Insured for all Insured Persons, the Loyalty Additions as per Section 4.1 for all Insured Persons and the Floater Sum Insured specified in the Schedule of Insurance Certificate is Our maximum, total and cumulative liability for all claims during a Policy Year in respect of all Insured Persons. If the Policy Period is 2 years, then the Sum Insured shall be applied separately for each Policy Year in the Policy Period.
Sum Insured. Sum Insured means the limit of the Insurer’s liability under the insurance.
Sum Insured. Sum insured means the sum specified as the sum insured in the schedule and is our maximum liability for losses relating to the listed item.
Sum Insured. The insurance policy shall (i) be on a completed value form, with no periodic reporting requirements, (ii) insure not less than U.S.$1,000,000,000 commencing at the earlier of LNTP or NTP, and insure no less than an amount to be determined based upon a probable maximum loss study performed by a reputable and experienced firm reasonably satisfactory to Contractor, Owner and Owner’s Lenders, with such maximum probable loss approved by the Parties and such increased amount commencing no later than 180 Days after NTP, (iii) value losses at replacement cost, without deduction for physical depreciation or obsolesce including custom duties, Taxes and fees, (iv) insure loss or damage from earth movement without a sub-limit, (v) insure property loss or damage from flood and named windstorm with a sub-limit of not less than U.S.$150,000,000 commencing at the earlier of LNTP or NTP, provided that such sub-limit shall increase to an amount of not less than U.S.$500,000,000 no later than 180 Days after NTP, and such sub-limit in the event of a named windstorm shall apply to the combined loss covered under Section 1.A.9 Builder’s Risk and Section 1.A.10 Builder’s Risk Delayed Startup, and (vi) insure loss or damage from strikes, riots and civil commotion with a sub-limit not less than $100,000,000.
Sum Insured. The insurance policy shall (i) be on a completed value form, with no periodic reporting requirements, (ii) insure one hundred percent (100%) of the Facility’s insurable values, (iii) value losses at replacement cost, without deduction for physical depreciation or obsolesce including custom duties, Taxes and fees and (iv) insure loss or damage from earth movement without a sub-limit, (v) insure property loss or damage from flood and named windstorm with a sub-limit not less than $500,000,000, and (vi) insure loss or damage from strikes, riots and civil commotion with a sub-limit not less than $100,000,000.
Sum Insured. The Sum Insured for any one Claim (exclusive of Defence Costs) is [£2 million / £3 million]. [………………………………… any one claim excess of (the Underlying [… ] The Excess is: The Period of Insurance is from: to midnight on: If an Insured Firm is issued with an ARP Run-off Policy, run-off cover shall be provided through the ARP, which shall indemnify each Insured in accordance with clauses 1.1 to 1.8 of the ARP Policy set out in Part 1 of Schedule 2, (but subject to the limits, exclusions and conditions of the ARP Policy). The period of cover provided by the ARP Run-off Policy shall be as determined under Rule 13.5.
