Article 16 (Amount of loss to be indemnified)
1. Amount of loss to be indemnified by the Company shall be determined based on the value of the subject-matter of insurance.
2. In the case where the subject-matter of insurance so damaged can be repairable, the expenditure necessarily incurred to reinstate it to the state immediately prlor to the curren of loss or damage is deemed to be as the amount of loss.
3. In the case where the subject-matter of insurance partially damaged constitutes a set or a pair, the Company shall determine the amount of loss considering the influence of the loss the total value of the property insured. In this case, the Company shall in no case deem it as total loss except that the expenditure of repairing exceeds the value of the property so damaged.