Sums Insured. Average and Co-Insurance Some insurance contracts require you to bear a proportion of each loss or claim if the sum insured is inadequate to cover the amount of the loss. These provisions are called ‘average’ or ‘co-insurance’ clauses. If you do not want to bear a proportion of any loss, when you arrange or renew your contract of insurance, you must ensure that the amount for which you insure is adequate to cover the full potential of any loss. If you insure on a new for old basis, the sum insured must be sufficient to cover the new replacement cost of the property.
Sums Insured. 7.1 The table shows the maximum Sums Insured per insured object, per insured event and per year. Indemnity will be based on the actual amount of the loss or damage, subject to the relevant limit for the Sum Insured. Maximum Sum Insured Single object 1,000€ One insured event 2,000€ Total insurance period (calendar year) 4,000€ Items with indemnity limit 400€
Sums Insured. The Insured Sums for each of the guarantees covered by this policy are expressly indicated in the Particular Conditions.
Sums Insured. In respect of (a) not less than the amount equivalent to the anticipated revenue during the Indemnity Period and in relation to (b) not less than £1,000,000. Indemnity Period The Indemnity Period Limit shall not be less than 12 months. Territorial Limits As for the Property All Risks Insurance. Commencement Date As per Material Damage (Property) Insurance.
Sums Insured. You will be responsible for ensuring that all sums insured and indemnity limits are adequate for the cover requested. We will advise You of the basis of calculation for sums insured and will, on request, give You details of external experts, such as surveyors and valuers, which You may wish to consult. Please note Your policy may include an Average Condition which means that in the event of under-insurance, Insurers may reduce the amount of any claim settlement in the same proportion as the sum insured bears to the total value of the insured items.
Sums Insured. It is a requirement of this Insurance that the sums insured stated in the Schedule shall not be less than the cost of reinstatement as if such property (except for stocks) were reinstated at any time during the Period of Insurance which shall mean the cost of replacement of the insured items by new items in a condition equal to but not better or more extensive than its condition when new.
Sums Insured
