Common use of Sum Insured Clause in Contracts

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. It is the a 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 capacity, which shall mean its replacement cost including freight freight, dues and customs duties, if any, any and erection costs. The Sum Insured of the equipment insured under this Section shall include the value of ‘System Software’.