Please pay note to these New Agreed Value wordings:
Whereby an approved valuation has been received:
(1) by Us prior to any Loss;
(2) from an approved valuer with reasonable market knowledge of the machine being insured; and
(3) the item is insured for the value stated on the valuation within the Schedule
We agree to pay the value stated as the Sum Insured within the Schedule
Whereby an approved valuation has not been received from an approved valuer, the maximum amount We will pay under this Policy will be the Agreed Value shown on the Schedule unless it is determined to be more than 20% above the Market Value in which case we will only pay the Market Value.
For the purpose of this extension:
(1) The Agreed Value shall be the amount declared to Us by the Insured on the required proposal or Sum Insured declaration form.
NOTE: Market Value conditions will apply if the required proposal or Sum Insured declaration form is not completed and signed by the Insured and received by Us prior to any Loss.
(2) the Market Value shall be determined by obtaining valuations from:
(a) the Product Manager for the manufacturer’s agent of Your brand of machine;
(b) any other valuer who is able to provide examples of machines which are the same make and type and in like condition to Your Machine that:
(i) have sold within the six month period prior to the Loss; or
(ii) are for sale on the current market.
(3) no payment beyond the current market value at the time of Loss will be made:
(a) if you elect not to replace the machine;
(b) if replacement is not carried out within a reasonable time;
(c) until the cost of replacement has been actually incurred.