Reinstatement Value definition

Reinstatement Value means the cost of replacing or reinstating on the same site, property of the same kind or type but not superior to or more extensive than the insured property when new.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Reinstatement Value means intrinsic value of insured property or item less due allowance for betterment, wear and tear and/or depreciation

Reinstatement Value means the cost of replacing or reinstating Glass of the same kind or type but not superior to or more expensive than the Glass when insured.

Examples of Reinstatement Value in a sentence

• If the Sum Insured is less than the Reinstatement Value of the Glass insured, then the Insured shall be considered his own insurer for the difference between Sum Insured and the Reinstatement Value and accordingly shall bear a rateable proportion of the loss or damage.

• If the Glass hereby insured shall at the time of any loss or damage is collectively of greater value (Reinstatement Value) than the Sum Insured thereon, then the Insured shall be considered as being his own insurer for the difference, and shall bear a rateable proportion of the loss or damage accordingly.

• If the Glass hereby insured shall at the time of any loss or damage be collectively of greater value (Reinstatement Value) than the Sum Insured thereon, then the Insured shall be considered as being his own insurer for the difference, and shall bear a rateable proportion of the loss or damage accordingly.

• If, following the occurrence of a Total Loss Event, the amount (if any) credited to the Transaction Account is less than the Full Reinstatement Value, the difference between such Full Reinstatement Value and the amount credited to the Transaction Account shall be the "Total Loss Shortfall Amount".

• Since the amount of Reinstatement Value (GEL 6,000) exceeds 40% of the Sum Insured, total unpaid Premium will also be deducted.

More Definitions of Reinstatement Value

Reinstatement Value the full cost of reinstating the Property including:- (a) temporarily making the Property safe and protecting any adjoining structures; (b) debris removal demolition and site clearance; (c) obtaining planning and any other requisite consents or approvals; (d) complying with the requirements of any Law; (e) architects' surveyors' and other fees incurred by the Tenant in relation to the reinstatement; (f) all construction costs; (g) any VAT chargeable on any of the reinstatement costs (save where the Tenant is able to recover such VAT as an input in relation to supplies made by the Tenant); "Rent" a peppercorn;

Reinstatement Value the full cost of reinstating the Property including:- temporarily making the Property safe and protecting any adjoining structures; debris removal demolition and site clearance; obtaining planning and any other requisite consents or approvals; complying with the requirements of any Law; architects' surveyors' and other fees incurred by the Tenant in relation to the reinstatement; all construction costs; any VAT chargeable on any of the reinstatement costs (save where the Tenant is able to recover such VAT as an input in relation to supplies made by the Tenant);

Reinstatement Value the cost for the time being at the start of the year of insurance cover in question of reinstating and replacing the Building of which the Demised Premises form part plus a provision to cover the effect of inflation on building costs during the year of insurance and until the Demised Premises have been reinstated together with architects’ surveyors’ and other professional fees and incidental expenses and the costs of demolition and site clearance. “Rent Commencement Date” 1 October 2018.

Reinstatement Value means the cost of replacing or reinstating on the same site with property of the same kind or type but not superior to or more extensive than the insured property when new as on date of the loss, subject to special provisions contained elsewhere in this Policy.

Reinstatement Value means the cost of replacing or reinstating on your premises, property of the same kind or type but not superior to or more extensive than the insured property when new. At the time of a loss the claim will be settled without applying any depreciation. In effect you will be getting new for old.

Reinstatement Value means the cost of replacing or reinstating property of the similar kind or type but not superior to or more extensive than Your Asset when new.

Reinstatement Value means the cost of replacing or reinstating on the same