Common use of Vehicle values Clause in Contracts

Vehicle values. All values of insured vehicles stated in the vehicle declaration must represent, as nearly as possible, their market value. Values such as book value, depreciated cost, written down value and residual value are not sufficient to comply with this policy condition. We may require you to provide vehicle declarations showing their book value, depreciated cost, written down value or residual value in your business records.

Vehicle values. All values of insured vehicles stated in the vehicle declaration must represent, as nearly as possible, their market value. Values such as book value, depreciated cost, written down value and residual value are not sufficient to comply with this policy condition. We may require you the insured to provide vehicle declarations showing their book value, depreciated cost, written down value or residual value in your the insured’s business records.

Vehicle values. All values of insured vehicles stated in the vehicle declaration must represent, as nearly as possible, their market value. Values such as book value, depreciated cost, written down value and residual value are not sufficient to comply with this policy condition. We may require you the insured to provide vehicle declarations showing their book value, depreciated cost, written down value or residual value in your the insured’s business records. How We Administer This Policy Cancellation The insured may cancel this policy at any time. If they do, we will refund any premium that is due based on the unused portion of the period of insurance.