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<p>[QUOTE=&quot;rad1964, post: 646348, member: 18557&quot;]Here is the wording in the contract:</p><p><br /></p><p>14. Loss Settlement</p><p><br /></p><p>The basis of valuation for settlement will be:</p><p><br /></p><p>a. We will pay the lesser of:</p><p><br /></p><p>(1) The market value of the Covered Property immediately prior to the loss ; or</p><p><br /></p><p>(2) The cost and expense of restoration plus any resulting depreciation but not exceeding the full value of that item as in (1) above.</p><p><br /></p><p>In no event will the underwriters be liable for more than the Policy Limit of Insurance shown in the Declarations, plus any applicable increase under the</p><p><br /></p><p>Automatic Monthly Increase Coverage Extension. </p><p><br /></p><p>b. If part of a multiple piece is lost or damaged, we will pay the difference in the value of the multiple piece immediately prior to the loss or damage</p><p>and its value after the loss. But we will not pay more for the total loss than the market value of the multiple piece immediately prior to the loss.</p><p><br /></p><p>c. Following payment of the full amount insured for any item, pair or set, the underwriters will become the full owners and reserve the right to take possession of the item, pair or set.[/QUOTE]</p><p><br /></p>

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