Common use of Insured Value Clause in Contracts

Insured Value. For all purposes of the Agreement, “Insured Value”, shall be equal to the Stated Value of the Goods, as hereinafter defined. The Stated Value shall mean the value the Customer, in its sole discretion, shall set for its Goods stored with the Company. This value is to be established each year in the sole discretion of the Customer and the Customer shall provide to the Company a written statement as to the Stated Value of the Goods on such form as the Company shall provide to the Customer. This written form shall be provided by the Customer within twenty (20) business days of the signing this Agreement and the value determined by the Customer shall remain in effect from the date the Stated Value is delivered to the Company until the end of the calendar year in which this Agreement is signed. This Stated Value may be changed only once a year by filing with the Company on or before October 31, of each year, a new Stated Value for Customer’s Goods, and any such change shall apply as of the first January 1, following receipt by the Company of a new written statement setting forth the revised Stated Value of the Goods. If no new Stated Value for the Goods Is filed, the last filed Stated Value shall be used by the Company to set forth the Insured Value. The Customer acknowledges that the Company is not responsible for the value determined by the Customer and that the Customer has not relied on the advice or opinion any shareholder, director, officer, employee, agent or representative of the Company in determining the Stated Value.

Insured Value. For all purposes of the Agreement, “Insured Value”, shall be equal to the Stated Value of the Goods, as hereinafter defined. The Stated Value shall mean the value the Customer, in its sole discretion, shall set for its Goods stored with the Company. This value is to be established each year in the sole discretion of the Customer and the Customer shall provide to the Company a written statement as to the Stated Value of the Goods on such form as the Company shall provide to the Customer. This written form shall be provided by the Customer within twenty (20) business days of the signing this Agreement and the value determined by the Customer shall remain in effect from the date the Stated Value is delivered to the Company until the end of the calendar year in which this Agreement is signed. This Stated Value may be changed only once a year by filing with the Company on or before October 31, of each year, a new Stated Value for Customer’s Goods, and any such change shall apply as of the first January 1, following receipt by the Company of a new written statement setting forth the revised Stated Value of the Goods. If no new Stated Value for the Goods Is is filed, the last filed Stated Value shall be used by the Company to set forth the Insured Value. The Customer acknowledges that the Company is not responsible for the value determined by the Customer and that the Customer has not relied on the advice or opinion any shareholder, director, officer, employee, agent or representative of the Company in determining the Stated Value.