120. WAIVER OF SUBROGATION CLAUSE
It is agreed that BAOVIET shall waive its right of subrogation against any party who would in the event of a subrogation action being pursued submit a claim to and be indemnified by the Insurers for various policies effected by Insured, provided that all Insurers of these policies will likewise waive their rights of subrogation against each party who would otherwise be indemnified hereunder.
121. WAIVER OF APPRAISAL CLAUSE
In the event that the aggregate claim for any loss or damage to the real property of the Insured be not exceeding USD 50,000, no special inventory or appraisal of the undamaged property shall be required. Provided however, that nothing herein shall be constructed to waive the application of the Coinsurance Clause on this item.
121. WATER DAMAGE CLAUSE
It is hereby agreed and declared that the insurance under this policy shall extend to include loss of or damage to the property insured directly caused by bursting or overflowing of water tanks, apparatus or pipes from within the building insured or containing the property insured but excluding:
(i) damage thereto
(ii) loss or damage whilst the building is untenanted
(iii) loss or damage by water discharged or leaking from any automatic sprinkler
installation in the within described buildings.
(iv) the first ...........................of each and every loss
provided that all the conditions of the Policy shall apply as if they had been incorporated herein and for the purposes hereof any loss or damage as aforesaid shall be deemed to be loss or damage by fire.
122. 75% STOCK DECLARATION CLAUSE
In consideration of the premium of the fire and burglary insurance being provisionally calculated on 75% of the sum insured thereby the Insured shall declare the value of such property on the last day of each quarter in writing to the Company within thirty days thereafter and if a declaration be not so given the Insured shall be deemed to have declared the maximum sum insured as the value.
If the property described in the said item of this policy is also insured under any other policy, the value declared shall be that proportion of the total value of the property which the sum insured on such property under this policy bears to the total of the sum insured under all policies on such property.
The value declared shall be the value at risk on the last day of each quarter.
On the expiry of each period of insurance of the actual premium for the said item shall be calculated at the rate agreed percentage per annum on the average amount declared, i.e the total of the sums declared divided by the number of declaration. If the actual premium be greater than the provisional premium the difference shall be repaid to the Insured, but such repayment shall not exceed 50% of the provisional premium.
In consideration of the insurance not being reduced by the amount of any loss the Insured shall pay the appropriate extra premium of the amount of the loss from the date thereof to the date of the expiry of the period of insurance.
123. 75% STOCK VALUATION AND DECLARATION / ADJUSTMENT (*)
Valuation of Inventory / stock for the purposes of calculating a loss under this Policy shall be the actual value thereof, of like kind and quality at the time of replacement including any cost and duty to be applicable to point of final storage or processing
Where an item in respect of Stocks is indicated in the Schedule to be subject to declaration the following conditions shall apply :
1. The Premium in respect of the item(s) are provisional, being 75% of the estimated premium, and shall on the expiry of each period of insurance
2. The value of the property on the last day of each calendar month shall be declared in writing by the Insured to the Insurer within thirty days thereafter, and if a declaration be not so given the Insured shall be deemed to have declared the maximum sum insured as the value,
3. On the expiry of each period of insurance the actual premium for the said item shall
be calculated at the appropriate rate on the average amount declared, i.e. the total
of sums declared divided by the number of declarations.
4. If the actual premium be greater than the provisional Premium the insured shall pay the difference : if it be less, the difference shall be repair to the Insured, but such repayment shall not be exceed one third of the First or Annual Premium respectively.