Partial loss
In cases where damage to
an item can be repaired, the policy shall pay expenses
necessarily incurred plus the cost of dismantling and
re-erection. No deduction for depreciation but salvage
value is deductible.
Total loss
Where an insured item is
destroyed, the company pays the actual market value
of the item immediately before the occurrence of loss
including freight and erection cost. The salvage shall
be taken into account and condition of average will
apply (i.e. if sum insured is not adequate, claim will
be paid only proportionately)
Contractors Plant & Machinery
Policy