Common use of VALUATION PAYMENT REPLACEMENT Clause in Contracts

VALUATION PAYMENT REPLACEMENT. In no event shall the Insurer be liable as respects Securities for more than the actual cash value thereof at the close of business on the business day next preceding the day on which the loss was discovered, nor as respects other property, for more than the actual cash value thereof at the time of loss; provided, however, the actual cash value of such other property held by the Insured as a pledge, or as collateral for an advance or a loan, shall be deemed not to exceed the value of the property as determined and recorded by the Insured when making the advance or loan, nor, in the absence of such record, the unpaid portion of the advance or loan plus accrued interest thereon at legal rates. The Insurer may, with the consent of the Insured, settle any claim for loss of property with the owner thereof. Any property for which the Insurer has made indemnification shall become the property of the Insurer. In case of damage to the Premises or loss of property other than Securities, the Insurer shall not be liable for more than the actual cash value of such property, or for more than the actual cost or repairing such Premises or property or of replacing same with property or material of like quality and value. The Insurer may, at its election, pay such actual cash value, or make such repairs or replacements. If the Insurer and the Insured cannot agree upon such cash value or such cost of repairs or replacements, such cash value or such cost shall be determined by arbitration.

VALUATION PAYMENT REPLACEMENT. Section 9. In no event shall the Insurer be liable as respects Securities “Securities” for more than the actual cash value thereof at the close of business on the business day next preceding the day on which the loss “loss” was discovered, nor as respects other property, for more than the actual cash value thereof at the time of “loss”; provided, however, the actual cash value of such other property held by the Insured as a pledge, or as collateral for an advance or a loan, shall be deemed not to exceed the value of the property as determined and recorded by the Insured when making the advance or loan, nor, in the absence of such record, the unpaid portion of the advance or loan plus accrued interest thereon at legal rates. The Insurer may, with the consent of the Insured, settle any claim for loss “loss” of property with the owner thereof. Any property for which the Insurer has made indemnification shall become the property of the Insurer. In case of damage to the Premises “Premises” or loss “loss” of property other than “Securities”, the Insurer shall not be liable for more than the actual cash value of such property, or for more than the actual cost or repairing such Premises “Premises” or property or of replacing same with property or material of like quality and value. The Insurer may, at its election, pay such actual cash value, or make such repairs or replacements. If the Insurer and the Insured cannot agree upon such cash value or such cost of repairs or replacements, such cash value or such cost shall be determined by arbitration.

VALUATION PAYMENT REPLACEMENT. In no event shall the Insurer be liable as respects Securities “securities” for more than the actual cash value thereof at the close of business on the business day next preceding the day on which the loss was discovered, nor as respects other property, for more than the actual cash value thereof at the time of loss; provided, however, the actual cash value of such other property held by the Insured as a pledge, pledge or as collateral for an advance or a loan, shall be deemed not to exceed the value of the property as determined and recorded by the Insured when making the advance or loan, nor, in the absence of such record, the unpaid portion of the advance or loan plus accrued interest thereon at legal rates. The Insurer may, with the consent of the Insured, settle any claim for loss of property with the owner thereof. Any property for which the Insurer has made indemnification shall become the property of the Insurer. In case of damage to the Premises “premises” or loss of property other than Securities“securities”, the Insurer company shall not be liable for more than the actual cash value of such property, or for more than the actual cost or of repairing such Premises “premises” or property or of replacing same with property or material of like quality and value. The Insurer may, at its election, pay such actual cash value, or make such repairs or replacements. If the Insurer and the Insured cannot agree upon such cash value or such cost of repairs or replacements, such cash value or such cost shall be determined by arbitration.