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A-7 Insured value, Watercraft Hull Insurance, Basis
Clause A-7, Insured value, from Watercraft Hull Insurance, Basis, AVB WSK Basis (5-2025nam).
German law applies; only the German wording is binding.
This English text is a courtesy so you can read what you buy, not a contract document.
Where the two differ, the German text decides:
A-7.1 The insured value is the current value. Current value is the amount required to replace items of the same kind and quality on the day of the loss, less an amount corresponding to the condition of the insured items (age, wear, use and so on). The sum insured recorded in the policy and its endorsements is the maximum indemnity.
A-7.2 If the total value proved is lower than the sum insured, we are entitled to reduce our payment in a corresponding proportion.
A-7.3 On value adjustments, an increase in the insured value is possible at any time on production of purchase invoices or expert reports. The sum insured is based on the total value of the craft after its modifications.
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