If branded or labeled merchandise covered by this Policy is damage, and the Insurer elects to take all or any of such merchandise at the agreed or appraised Value, the Insured may, at his own expense, stamp “salvage” on the merchandise or its container or may remove the brands or label, if such stamp or removal of brand or label will not physically damage the merchandise but the Insured shall at its own cost re-label the merchandise or containers in compliance with all of the requirements the applicable law.
Where the subject-matter insured hereunder (or any apportionable part) becomes missing and after the lapse of a reasonable time has not been located, an actual total loss of the subject-matter insured (or any apportionable party) may be presumed. For the purposes of this insurance, there shall be deemed to have been the lapse of a reasonable time where delivery to the consignees’ or other final warehouse or place of storage at the destination named herein has not been effected within 90 days of the expected date of such delivery. If, after the payment by the Insurer(s) of an actual total loss as provided for above, this subject-matter insured or whatever may remain thereof is located, the ownership and all proprietary rights incidental thereto shall be vested is the Insurer(s) the subject-matter insured of whatever may remain thereof.
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