Insured value Voorbeeldclausules

Insured value. The excess collision liability not recoverable under the hull, disbursements and freight policies solely by reason of such liability exceeding the insured value of the vessel under those policies. Provided that:

Insured value. In the event of irreparable damage, loss, misappropriation or theft, the reimbursement is granted on the basis of the insured value. The term ‘insured value’ is taken to mean the replacement value, after deduction of an amount for depreciation due to ageing or wear and tear; such amount will not be deducted if the lost or damaged goods are less than one year old. The term ‘replacement value’ is taken to mean the amount required to obtain new objects of the same type and quality. No higher amount will be paid than the amount for which the insured object was purchased. In the event of irreparable damage, the reimbursement will be paid on the basis of the costs of repair. However, the amount paid shall not exceed the amount paid in the event of irreparable damage. The Company has the right to reimburse the damage in kind.