Common use of Insurable Interest and Limit of Liability Clause in Contracts

Insurable Interest and Limit of Liability. Even if more than one person has an insurable interest in the property covered, we will not be liable in any one loss: a. to the insured for more than the amount of the insured's interest at the time of loss; or b. for more than the applicable limit of liability. Each time there is a loss to any alterations, fixtures, installations and additions which are part of the building insured under Coverage B (Personal Property), the amount of insurance applicable to alterations, fixtures, installations and additions which are part of the building for loss by fire will be reduced by the amount of the loss. As repairs are made, the amount of insurance will be reinstated up to the limit of liability shown on the declarations page.

Insurable Interest and Limit of Liability. Even if more than one person has an insurable interest in the property covered, we will not be liable in any one loss: a. to the insured for more than the amount of the insured's ’s interest at the time of loss; or b. for more than the applicable limit of liability. Each time there is a loss to any alterations, fixtures, installations and additions which are part of the building build- ing insured under Coverage B (Personal Property), the amount of insurance applicable to alterations, fixturesfix- tures, installations and additions which are part of the building for loss by fire will be reduced by the amount of the loss. As repairs are made, the amount of insurance insur- ance will be reinstated up to the limit of liability as shown on the declarations page.