The sum insured under each item will be separately subject to AVERAGE. This means that if the actual value of the property is greater than the sum insured you will bear a rateable proportion of the loss accordingly.
I/We desire to effect an insurance in the terms of the usual Policy for Fire Insurance and declare that the above statements and particulars are true. I/We further declare that this proposal shall be the basis of the contract between me/us and the Insurer and that the amounts to be insured represent to the best of my/our knowledge and belief the full market value of the property stated.
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