either:
1.1 paying the amount of the actual value of the property lost or
damaged or;
1.2 paying the necessary cost of repairing or restoring the damaged
property to its nearest condition immediately preceding the damage or;
1.3 repairing or restoring the damaged property to a condition near to
other property of like kind and quality.
2. Indemnity under this Policy shall be based upon the sound market
value of the property prevailing at the time of loss. If the sound market
value of the damaged property is lower than the sum insured of such
property, the claim shall be settled on its market value; If the sound
market value of the property is in excess of the sum insured, the Company
shall only be liable for such proportion of the claim as the sum insured
of the damaged property bears to its sound market value. If the insured
property enumerated in the Schedule is more than one item, the provision
of this clause shall apply to each thereof.
3. If a claim for loss of or damage to the insured item is settled on
a total loss basis, the salvage value of such item shall be deducted from
the indemnity payable by the Company. The Company may, at its option,
decline the abandonment of any damaged property by the Insured.
4. In the event of loss of or damage to any equipment item insured
forming part of a pair or set, the Company shall not be liable in respect
of each of such item lost or damaged for more than its proportionate part
of the sum insured on the complete pair or set.
5. In the event of any loss occurrence, the Company shall also pay the
Insured for the expenses reasonably incurred for taking necessary measures
to minimize loss or damage to the least extent, but in no case shall such
expenses referred hereto exceed the sum insured of the insured property.
6. Upon settlement of a claim, an endorsement shall be issued by the
Company to reduce the sum insured corresponding to the property lost or
damaged by the amount so settled from the date of loss, and no premium
shall be refunded for the amount so reduced. If reinstatement of the sum
insured is required by the Insured upon settlement of the claim, an
additional premium for the reinstated amount shall be charged at an agreed
rate, and be calculated on pro rata daily basis from the date of loss to
the expiry of the insurance.
7. The time of validity of a claim under this insurance shall not
exceed a period of two year counting from the date of loss.
V. INSURED'S OBLIGATIONS
The following Obligations shall be strictly fulfilled by the Insured
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Tag:保险合同，人身保险合同,保险合同样本，合同范本 - 保险合同
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