Repairs for Partial Loss Clause Samples

Repairs for Partial Loss. We will pay the reasonable cost of repairs. We have the option to make or reimburse for repairs or replacements or to pay you directly based on the lowest repair estimate received from a reputable repair facility. We reserve the right to repair or replace the Insured Property. Under no circumstances will our liability exceed the amount indicated on the Declarations Page. However, our liability for the following items shall not exceed their Actual Cash Value: 1) sails, canvas, protective covers and fabric older than four years of age; and 2) outboard motors older than six years of age. Age, as used in this section, is calculated by subtracting the model year from the calendar year, and adding one (1) to the result. In the event of a salvage of the Insured Property, charges are limited to those charges incurred prior to the vessel being declared a Constructive Total Loss and in an amount not to exceed the amount stated on the Declarations Page for the Insured Vessel.

Repairs for Partial Loss. We will pay the reasonable cost of repairs. We have the option to make or reimburse for repairs or replacements or to pay you directly based on the lowest repair estimate received from a reputable repair facility. We reserve the right to repair or replace the Insured Property. Under no circumstances will our liability exceed the amount indicated on the Declarations Page. However, our liability for the following items shall not exceed their Actual Cash Value: 1) sails, canvas, protective covers and fabric; 2) batteries; 3) outboard motors and outdrive units older than 5 years of age; and

Repairs for Partial Loss. We will pay the reasonable cost of repairs, except that depreciation shall apply to the repair or replacement of the following items: sails, canvas, protective covers and fabric, batteries. Depreciation shall also apply to outboard motors, inflatable watercraft, beginning with the fourth year from the year of manufacture. We have the option to make or reimburse for repairs or replacements or to pay you directly based on an agreed estimate of loss. We reserve the right to repair or replace the Insured Property. Under no circumstances will our liability exceed the amount indicated on the Declarations Page. If the damage to the insured yacht or its equipment is not repaired: 1. we will not be liable for more than the actual cash value of the damaged parts. That value will not exceed what it would cost to repair the damaged property with material of like kind and quality; 2. we will not pay for unrepaired damage in addition to a payment for a subsequent total loss of the yacht and its equipment; 3. we will not be liable for any unrepaired damage that amounts to more than the amount of insurance shown for your yacht at the time this insurance terminates. If the hull of the insured vessel is made in whole or in part of plywood, plastic, fiberglass or other material of similar nature in the event of property damage caused by a peril insured against we will only be liable for repairs made by applying suitable patches to the damaged hull area in accordance with good repair practice. We will not be liable for the cost or expense of painting or impregnating colour beyond the immediate damaged area or areas. These principles shall also govern in determining whether or not the insured vessel is a constructive total loss. We have the option to make or reimburse for repairs or replacements, or to pay you directly based on the lowest bid to repair, subject to any Actual Cash Value settlement restriction contained herein. We reserve the right to repair or replace the Insured Property. Under no circumstances will our liability exceed the amount indicated on the Declarations Page.