SECONDHAND MACHINERY REPLACEMENT CLAUSE (CARGO – NON STANDARD CLAUSES)

Friday 9 June 2017

SECONDHAND MACHINERY REPLACEMENT CLAUSE (CARGO – NON STANDARD CLAUSES)

In the event of a claim for loss or damage to any part or parts of the interest insured in consequence of a peril covered hereunder, it is agreed that the amount recoverable shall not exceed such proportion of the cost of replacement of the parts loss or damaged as the insured value bears to the value of a new item, plus additional charges for duty, forwarding and refitting the new part or parts if incurred.

Provided always that in no case shall liability of the Underwriters exceed the insured value of the complete article.

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