Vehicle values. All values of insured vehicles stated in the vehicle declaration must represent, as nearly as possible, their market value. Values such as book value, depreciated cost, written down value and residual value are not sufficient to comply with this policy condition. We may require the insured to provide vehicle declarations showing their book value, depreciated cost, written down value or residual value in the insured’s business records.
Appears in 4 contracts
Samples: Commercial Motor Vehicle Policy, Commercial Motor Vehicle Policy, Commercial Motor Vehicle Insurance Policy
