Page 243 - Agriculture Policy Wording Binder

Spray Irrigation Systems on Wheels and Centre Pivots
4.2 Total loss
If the vehicle is totally destroyed the Company will pay the new replacement value of the vehicle immediately before the accident and the cost of removing the damaged vehicle less the value of the remains. The vehicle shall be regarded as totally destroyed if the repair costs as defined in 1 above equal or exceed its market value immediately before the accident.
5. Repair, reinstate or replace
5.1 The Company may, at its own option and discretion, repair, reinstate or replace the vehicle or any part thereof and/or its accessories and spare parts therein or thereon or may pay in cash the amount of the loss or damage not exceeding the amount stated in the Schedule and/or the reasonable replacement value, including any specified accessories, whichever is the lesser;
PROVIDED THAT:
where damage is restricted to a part or parts of a vehicle the Company will not be liable to pay a greater amount than the value of the part or parts allowed for in the sum insured plus normal cost of restoration and/of, freight expenses including custom dues and erection costs.
5.2 If the Company replaces or reinstates such vehicle the Company shall have the option to take ownership of the vehicle.
PROVISIONS
1. Suspensive sale
If, to the knowledge of the Company, the vehicle is the subject of a suspensive sale or similar agreement, such payment shall be made to the owner described therein, whose receipt shall be a full and final discharge to the Company in respect of such loss or damage.
2. First amount payable
In respect of each and every occurrence giving rise to a claim under Sub-Section A, the Insured shall be responsible for the first amounts payable stated in the Schedule (according to the type of vehicle) of any expenditure (or any less expenditure which may be incurred) for which provision is made under Sub-Section A (including any payment in respect of costs, expenses and fees), and of any expenditure by the Company in the exercise of any discretion it may have under this insurance. If the expenditure incurred by the Company shall include any first amount payable for which the Insured is responsible, such amount shall be paid by the Insured to the Company.
3. Fire, lightning and explosion
The first amount payable shall not be applicable to loss or damage as a result of fire, lightning or explosion.
SPECIFIC EXCEPTIONS (applicable to Sub-Section A)
The Company shall not be liable to pay for:
1. consequential loss as a result of any other cause;
2. money paid towards the upgrade of or extension of a maintenance plan or similar expense;
3. depreciation in value whether arising from repairs following a defined event or otherwise;
4. wear and tear;
5. mechanical, electronic or electrical breakdown, failure or breakage;
6. damage to tyres:
6.1 by application of brakes; or
6.2 by road punctures, cuts or bursts; or
6.3 as a result of inequalities of the road or other surface or to impact with such inequalities;
UNLESS:
damage to tyres is accompanied by damage to other parts of the vehicle;
Policy Wording – Agriculture – Binder – Version 2 2023
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