On Personal Property Clause Samples
The "On Personal Property" clause defines the rights and responsibilities of parties regarding personal property located on the premises. It typically outlines who owns, maintains, or is liable for personal items such as furniture, equipment, or inventory brought onto the property by tenants or other parties. This clause helps clarify ownership and responsibility, reducing disputes over damage, loss, or removal of personal property during or after the term of an agreement.
On Personal Property. On personal property, fixtures, equipment and structures that are not buildings, an insured loss will be paid on the basis of Replacement Cost:
1. Being the cost to repair or replace, whichever is less, at the time of the loss or damage with new materials of like kind and quality, without deduction for depreciation;
2. Provided the repair or replacement is executed with due diligence and promptly;
3. The amount we pay will be the lesser of the actual expenditure to repair or replace, but not exceeding the applicable limit of insurance.
a. Property which was not in good and workable condition;
b. Property not being used by you, or being stored by you, unless the property is intended for use and only temporarily out of service;
c. Articles, which by their inherent nature cannot be replaced with same or similar articles, such as: antiques, fine arts, paintings, statuary, memorabilia, souvenirs, photographs, negatives, rare books, manuscripts and collectors’ items;
d. Other similar articles the age, history and rarity of which contribute significantly to their value;
e. Property, which at the time of loss or damage is no longer manufactured, or is unobtainable, but we will pay the cost of a new article of comparable quality and usefulness. If you choose not to repair or replace any article, we will pay for the loss or damage to that article on the basis of “Actual Cash Value”.
On Personal Property. We will pay without deduction for depreciation the lesser of the cost to repair or replace covered personal property, up to the applicable limit of insurance shown on the Declarations page.
On Personal Property. All personal property losses will be settled on an Actual Cash Value basis. Actual Cash Value will take into account the cost of replacement, less any depreciation or obsolescence. In determining depreciation, the condition immediately preceding the damage, the resale value and the normal life expectancy will be taken into consideration. We will pay the lesser of:
1) The cost to repair or replace the damaged property with material of like kind and quality;
2) The actual cash value of the property at the time of the loss;
3) The applicable limit of insurance. We reserve the right to repair or replace the property.
On Personal Property. On personal property, fixtures, equipment and structures that are not buildings, an insured loss will be paid on the basis of Replacement Cost:
1. Being the cost to repair or replace, whichever is less, at the time of the loss or damage with new materials of like kind and quality, without deduction for depreciation;
On Personal Property. On personal property, fixtures, equipment and structures that are not buildings, an insured loss w ill be paid on the basis of Replacement Cost:
1. Being the cost to repair or replace, w hichever is less, at the time of the loss or damage w ith new materials of like kind and quality, w ithout deduction for depreciation;