Valuation and Basis of Recovery Sample Clauses
Valuation and Basis of Recovery. The quantum of a loss hereunder shall be determined as follows:
1. As respects tangible property insured under insuring agreement 1, other than inventories, materials and supplies:
(a) if the property is repaired or replaced in kind and at the original site, the basis of valuation will be the Replacement Cost,
(b) if the property is repaired other than in kind or is replaced at another site the basis of valuation will be the lesser of the Replacement Cost or the estimated Replacement Cost in kind at the original site at the time of the Occurrence,
(c) if one or more of the following applies:
(i) the Assured notifies the Underwriter in writing that the property will not be repaired or replaced;
(ii) the work of repair or replacement does not commence within twenty four (24) months of the Date of Discovery;
(iii) the work of repair or replacement is not completed within a reasonable time; then, unless mutually agreed in writing between the Underwriter and the Assured, the basis of valuation will be Depreciated Cost. Loss as determined under this condition shall not include any increased cost of expediting repair or replacement or Betterment.
2. As respects inventories (including crude petroleum or finished petroleum products), materials or supplies (including materials in process) insured under insuring agreement 1, including such items while in transit shall be valued at Replacement Cost of like kind and quality, at the place and at the time of loss (including all cost and duty if applicable).
3. As respects all records and documents, including but not limited to accounts and other data and manuscripts, mechanical drawings insured under insuring agreement 1, at value blank plus cost of transcribing.
4. As respects insuring agreement 1, shall exclude historical, rare, fine arts, artistic, aesthetic and similar non-utility values.
5. As respects insuring agreements 1 and 2 shall include costs and expenses incurred in safeguarding, preserving and forwarding the property, as well as costs and expenses in respect of general average, sue and labor, salvage, and expenses incurred in the removal of debris or wreck even if incurred solely as the result of Governmental Direction or other authoritative order.
6. As respects insuring agreement 2 (b), expenses incurred to bring a Well that is Out of Control Under Control and notwithstanding the definition of Under Control, costs and expenses incurred as required by applicable law or governmental regulation or Government...
Valuation and Basis of Recovery. The quantum of a loss reinsured by this policy shall be determined as follows:
1. As respects tangible property reinsured under reinsuring agreement 1, other than inventories, materials and supplies:
Valuation and Basis of Recovery. The quantum of a loss reinsured by this policy shall be determined as follows:
Valuation and Basis of Recovery. Subject to the Limits of Liability specified in Section 1. and all other terms, conditions and exclusions of this coverage agreement, the basis of recovery in case of loss shall be as follows:
A. On all property, except as provided in paragraphs B through I below, the basis of recovery shall be based upon the valuation codes listed for the covered property in the CIS property schedule as follows:
(1) If the property is coded GRV, valuation shall be the Replacement Value of the property at the time of loss, without deduction for depreciation, unless damage is caused by the perils of flood or earthquake. If the damage is caused by the perils of flood or earthquake and if covered damages for all Trust members, either during a single occurrence or in the aggregate, exceed $100 million, such loss shall be adjusted without deduction for depreciation but not to exceed 110% of the value(s) stated on the CIS property schedule for the described property.
(2) If the property is coded RV or HRV, valuation shall be the Replacement Value of the property at the time of loss, without deduction for depreciation, but not to exceed 110% of the value(s) stated on the schedule for the described building.
(3) If the property is coded FRV, valuation shall be the Functional Replacement Value. Functional Replacement Value shall mean the cost to repair or replace the described building with a less costly building, using contemporary material, which is functionally equivalent to the damaged building. In the event of partial loss, the basis of recovery shall be the cost to repair or replace the damaged portion of the building with less costly materials, if available, in the architectural style that existed before the loss or damage occurred. Such loss shall be adjusted without deduction for depreciation but not to exceed 120% of the value(s) stated on the CIS property schedule for the described building unless damage is caused by the perils of flood or earthquake. If the damage is caused by the perils of flood or earthquake and if covered damages of all Trust members, either during a single occurrence or in the aggregate, exceed $100 million, such loss shall be adjusted without deduction for depreciation but not to exceed 110% of the value(s) stated on the CIS property schedule for the described building.
(4) If the property is coded ACV, valuation shall be Actual Cash Value as determined using the market value or the replacement value less proper deduction for depreciation, whicheve...