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REPLACEMENT CLAUSE - IAR

By Anonymous
Risks : IAR

“In the event of loss or damage to ay parts or parts of an insured machine or equipment caused by a peril covered by a peril covered by the policy the sum recoverable shall not exceed the cost of replacement or repair of such part or parts plus charges for forwarding and refitting, if incurred, but not 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 or equipment.”
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