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A-8 Amount of the indemnity, Watercraft Hull Insurance, Basis
Clause A-8, Amount of the indemnity, 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-8.1 In the event of total loss of the insured item without prospect of recovery, or of destruction, and in the case of partial or repairable damage, we reimburse the necessary and substantiated replacement or reinstatement costs as follows: up to 3 years: current value without an age related deduction; after 3 years: current value with a 20 per cent age related deduction; after 5 years: current value with a 35 per cent age related deduction; from 10 years: current value with a 50 per cent age related deduction. The maximum indemnity is limited to the agreed sum insured.
A-8.2 Transport costs caused by the insured event (for example to the repair yard) are reimbursed like reinstatement costs. Those transport costs are set off against the sum insured.
A-8.3 Achievable proceeds from residual values are set off against the indemnity. You cannot avoid that set off by placing the remains at our disposal, and you are not entitled to do so of your own accord.
A-8.4 Further costs.
A-8.4.1 Value added tax on indemnity amounts is reimbursed only if and so far as it has actually been incurred by you and there is no entitlement to deduct input tax. Transport costs, freight costs, standing costs, holding costs and other items not attributable to the value of materials and labour are likewise reimbursed only where they have actually been incurred. Crane costs are reimbursed where they were incurred because of the loss.
A-8.4.2 We reimburse experts' costs only where we arranged for the expert to be instructed or consented to it.
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