It is hereby understood and agreed that in consideration of the interest insured being covered on and agreed value basis all reference herein to replacement shall be deemed to be deleted but only in respect of claim adjusted on basis of total loss.
In respect of claim adjusted on the basis of total loss underwriters shall pay to the insured be agreed value of the interest insured as stated in the policies schedule less any applicable deductible.
Underwriters may at there discretion, take the salvage of such interest insured together with all appropriate documents appertaining thereto, but no event shall there be any abandonment to underwriters.
