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)