INSTITUTE REPLACEMENT CLAUSE
In the event of loss of or damage to any part or
parts of an insured machine caused by a peril
covered by the Policy the sum recoverable shall
not exceed the cost of replacement of repair of
such part or parts plus charges for forwarding and
refitting, if incurred, but excluding duty unless the
full duty is included in the amount insured, in which
case loss, if any, sustained by payment of additional
duty shall also be recoverable.
Provided always that in no case shall the liability of
Underwriters exceed the insured value of the complete
machine.
CL
