INSTITUTE REPLACEMENT CLAUSE

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In the event of loss of or damage to any part or parts 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 full duty shall also recoverable.

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

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