Selasa, 30 April 2013

Claims settlement clause

In the event of loss or damage for which indemnity is provided under this Policy the Insurers will, subject to all Terms, Conditions and Exceptions, pay to the Insured in cash :
1.    The full cost of repairing or replacing the lost or damage property Plus.
2.    The Insured’s directly related procurement costs.

OPTION 2
Insurers shall under this section, subject to the terms and conditions of the Policy, indemnify the Insured on the basis of the full cost of repairing, reinstating, or replacing property lost or damage even though such costs may vary from the original construction costs excluding Value Added Tax (PPN).
It is agreed that all monies properly due in settlement of claims under this section of the policy shall be paid to CONTRACTOR or their order.
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