Institute Replacement Clause 1.1.34

INSTITUTE  REPLACEMENT  CLAUSE  1.1.34 #

In the event of  loss of or damage to any part or part of an insured machine caused by a peril  covered by the Policy the sum recoverable shall not exceed the cost of replacement or repair of such part or parts plus charges for forwarding and refitting, if incurred, but excluding duty unless the duty is included in the amount insured, in which case loss, if any, sustained by payment of additional duty shall also be recoverable.

Provided always that in no case shall the liability of Underwriters exceed the insured value of the complete machine.