Examples of Covered Property in a sentence
The Cover is in respect of sudden and unforeseen physical damage to or destruction of the Plant and Machinery described in the Statement of Cover from any cause not hereinafter excluded necessitating its repair or replacement whilst the Covered Property is at work or at rest, being dismantled, moved, repositioned, cleaned, inspected, overhauled or in subsequent re-installation at the premises within the territorial limits.
Section C – Machinery Breakdown SPECIFIC CONDITIONS Average (except where stated as first loss, Market value or Declared value) The sum covered stated against each item of Covered Property must at all times be equal to the installed new replacement value unless otherwise stated.
If the Covered Property is at the commencement of any loss or damage to such Covered Property by an indemnifiable event be of greater value than the Sum covered thereon then the participant shall be considered as being their own company for the difference and shall bear a rateable share of the loss accordingly.