• Contract Price

    In the event that goods insured hereon for which the insured is responsible and which are under a contract of sale have been sold but not delivered and the contract is canceled by reason of non-delivery of such goods destroyed or damaged by fire or by any other perils insured hereby, the liability of the company in respect of such goods shall be based on the contract price.
    For the purpose of average, the value of the goods insured hereunder shall be calculated on the same basis as that on which the loss is assessed.