Damaged Goods clause

In case of damage to property bearing a brand of sale which carries any form of guarantee from the insured, the salvage value of such damaged property shall be determined after the removal in the customary manner of all brands and trademarks which might be taken to indicate that the guarantee of the manufacturer or the insured in respect of the said property is still valid.

However, notwithstanding anything contained herein to the contrary, it is understood and agreed that in the case of damage to goods insured under this policy due to a peril insured against, the insured or their representative retains the right of control over all damaged goods. The insured however, agrees wherever practicable, to use, recondition or sell such goods, the sale being made after removal of all brands or trademarks with underwriters being entitled to the proceeds of the sale.

Where the use or disposal or sale of damaged goods would, in the opinion of the insured or their representatives, be detrimental to their interests, such damage shall be treated as a constructive total loss and the insured shall destroy the damaged goods in the presence of a representative of the underwriters and the insured.

By Ridwan Ichsan on 10.11.08 | , | A comment?
0 responses to “Damaged Goods clause”

Leave a Reply

NewsFlash

Loading...