Maximum Replacement Value definition

Maximum Replacement Value means the maximum sum total of the Replacement Value for all Property at any time throughout the period of storage.

Maximum Replacement Value. A per claim limit applies to each loss to the insured product. Refer to the Maximum Replacement Value Schedule for your claim limit.

Maximum Replacement Value means the sum total of the Replacement Value for all Property stored at any time during the Lease. StoreProtect is not available if the Tenant is storing Property with a Maximum Replacement Value exceeding $100,000. • “Replacement Value” means the cost of replacing the Tenant’s Property stored in the Premises as new, except for: ▪ household linen and clothing, where the replacement value allows for the age, quality, degree of use, existing damage and consequent market value; ▪ any Property that cannot be purchased new and beer, wine and spirits, where the replacement value shall be the current market value; and ▪ documents, where the replacement value shall be calculated as the physical cost of replacing the documents and/or cost of reprinting, re-issue and/or reconstitution, but excluding the value of the information contained in the documents. • “StoreProtect” means the extended liability provided by the Landlord as described in this StoreProtect Addendum. • “StoreProtect Charges” means the cost for accepting StoreProtect. Unless a term has been defined above, the Definitions in the Lease will apply. If there is an inconsistency, the definition under the Lease applies. What does the Tenant receive? • StoreProtect gives the Tenant the right to request a claim for replacement or payment following Loss or Damage to the Tenant’s Property caused by a breach of the Landlord’s Duty of Care (as defined below) while the Tenant’s Property is in the Premises. The rights provided to the Tenant under StoreProtect are additional to the Tenant’s rights and remedies under applicable laws, including the ACL. • If the Tenant accepts StoreProtect, the extended liability will commence from the time the Tenant’s Property is placed by the Tenant into the Premises and the door is securely locked by the Tenant. StoreProtect ceases immediately upon removal of the Tenant’s Property from the Premises. • The Landlord’s liability under StoreProtect for Loss or Damage to the Tenant’s Property is to be assessed as a sum equivalent to the cost of (a) repair or cleaning or (b) the Replacement Value, whichever is the smaller sum, at the Landlord’s option. • Claims are subject to an administration fee of $100 and this will be deducted from any settlement awarded to the Tenant (“Claims Administration Fee”). • StoreProtect is not available if the Tenant is storing Property with a Maximum Replacement Value exceeding $100,000. The Landlord’s Obligations under StoreProtect • The Landlord’s lia...

Maximum Replacement Value means the maximum sum total of the Replacement Value for all Property at any time throughout the period of storage. • “Loss” or “Damage” means identifiable losses, destruction of or damage to the Customer’s Goods, wilful acts, omissions and default, including theft by forcible entry or damage caused by The FO, Our employees, agents or representatives while the Goods are in the unit. StoreProtect - What do I receive? ✓In return for payment of the StoreProtect Charges, the FO agrees to accept an enhanced liability for Loss or Damage to the Customer’s Property and the limit of £100 in the event of negligence shown in the enclosed Conditions of Agreement will not apply. ✓Instead, the FO accepts liability for Loss or Damage (as defined) to the Customer’s Property following a breach of its Duty of Care up to a maximum of (i) the Maximum Replacement Value; or (ii) the actual value of the Customer’s Property either affected by Loss or Damage (whichever is less), taking into account any Proportional Reduction, and subject to certain exclusions (see 'Exclusions – what StoreProtect does not provide for'). ✓The FO’s liability will commence from the time the Customer’s Property is placed by them into the storage unit(s) and ceases immediately upon removal of the Property from the Customer’s storage unit(s). ✓The FO’s liability to the Customer under StoreProtect for Loss or Damage to the Customer’s Property is to be assessed as a sum equivalent to the cost of (a) repair or cleaning or (b) the Replacement Value or (c) compensation, whichever is the smaller sum, at the FO’s option. The FO accepts no liability for depreciation following repair. ✓If the Customer opts for StoreProtect, the Customer is no longer obligated to arrange insurance for their Property. ✓If the Customer submits a claim, additional claims processing administration charges may apply. The FO may deduct a £50 charge from any settlement awarded to the Customer to cover the FO’s administration costs (“Claims Admin Fee”). The FO’s Duty of Care under StoreProtect • The FO is responsible for maintaining the Facility in a secure condition and will provide services with reasonable skill and care. • The FO’s liability in relation to the Goods under StoreProtect shall be that of a reasonably careful person under like circumstances. The FO shall not be liable for any Loss or Damage to the Goods, however caused, while the Goods remain in the unit or under its care, custody or control, unless such Loss or Damage res...

Maximum Replacement Value means the maximum sum total of the Replacement Values for Your Property at all times for the duration of this Agreement including where Our Quotation includes removal and/or storage of Your Property on multiple occasions or where You add or remove Your Property from storage.