Insured Property shall be valued
and Property Damage shall be adjusted on the following basis:
For all Real and Personal
Property except those specified below, in accordance with the provisions of the
Replacement / Reinstatement Value memorandum.
For raw materials supplies and
other merchandise not manufactured by the Insured, at actual replacement cost.
For Material-in-Process, at
actual replacement cost of its raw materials plus the value of labour and
overhead charges expended on damaged material up till occurrence of Property
Damage.
For Finished Goods, at actual
replacement cost of its raw materials plus the value of labour and overhead
charges expended on damaged Goods but not allowance for the cost of restocking
such goods, whichever is lower.
For documents plans books and
computer systems records, at actual cost and expense of replacement blank
media, clerical labour and leased computer time necessarily expended to re-copy damaged information onto the blank
media, but not any cost or expense related with the production of information
to be copied nor for the value of any information to the Insured.
Provided the Company shall not be
bound to reinstate or replace exactly or completely but only as circumstances
permitted and in reasonably sufficient manner. If the Insured is unwilling or
unable to reinstate or replace the damaged properly, then Property Damage shall
be settled at Indemnity Value at time of loss.