Risks : VARIOUS
Notwithstanding anything contained in this Policy to the contrary provided that liability has been admitted, progress payments on account of any claim may be made to the Insured at such intervals:
75% of interim payment from the Loss and/or for such amount as may be agreed upon production of a report by the Loss Adjusters (if appointed) provided such payment(s) shall be deducted from the amount finally determined upon adjustment of the claim.
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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