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zum gleitenden Neuwert mit Verzicht auf die Einrede der Unterdeckung

English translation: subject to an indexed new value insurance, ...

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10:52 Nov 3, 2001
German to English translations [PRO]
Bus/Financial - Insurance
German term or phrase: zum gleitenden Neuwert mit Verzicht auf die Einrede der Unterdeckung
One for the insurance specialists!
In a clause in a leasing contract dealing with the responsibilities of the parties relating to the insurance of the building.
transatgees
United Kingdom
Local time: 17:21
English translation:subject to an indexed new value insurance, ...
Explanation:
... waiving the defence of insufficient insurance cover.

The term "indexed new value insurance" is supported by both dictionaries cited below.

The "gleitender Neuwert" refers to an ongoing adjustment of the (presumably) rising replacement value, regardless of whether sufficient cover has been taken out. (This would be a defence on the part of the insurer.)
Selected response from:

Beate Lutzebaeck
New Zealand
Local time: 06:21
Grading comment
Thank you. You answered both parts of the query.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +3subject to an indexed new value insurance, ...Beate Lutzebaeck
4at adjusted replacement costgangels
4at indexed replacement valueBeth Kantus
4time of loss replacement value
Dr. Fred Thomson
3 -1at adjusted (moving) replacement value....
Maya Jurt


  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
time of loss replacement value


Explanation:
at the time-of-loss replacement value with a waiver of the defense of sub-coverage.
I don't like sub-coverage, but I like the rest.
I am not an insurance person, but I am a lawyer with an ordinary (not outstanding) knowledge of insurance.

Dr. Fred Thomson
United States
Local time: 10:21
Native speaker of: English
PRO pts in category: 26

Peer comments on this answer (and responses from the answerer)
neutral  Maya Jurt: Sounds chinese to me
10 mins
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
at adjusted (moving) replacement value....


Explanation:
....with a waiver for claims of undervaluation

Maya Jurt
Switzerland
Local time: 18:21
Native speaker of: Native in GermanGerman, Native in FrenchFrench
PRO pts in category: 8

Peer comments on this answer (and responses from the answerer)
disagree  Beate Lutzebaeck: Unterdeckung is not "undervaluation"
21 mins
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
subject to an indexed new value insurance, ...


Explanation:
... waiving the defence of insufficient insurance cover.

The term "indexed new value insurance" is supported by both dictionaries cited below.

The "gleitender Neuwert" refers to an ongoing adjustment of the (presumably) rising replacement value, regardless of whether sufficient cover has been taken out. (This would be a defence on the part of the insurer.)


    Dietl/Lorenz, Legal Dictionary
Beate Lutzebaeck
New Zealand
Local time: 06:21
Specializes in field
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in category: 12
Grading comment
Thank you. You answered both parts of the query.

Peer comments on this answer (and responses from the answerer)
agree  Ulrike Lieder: "indexed new value insurance" also supported by Nickel/Fortmann, WB Versicherung
10 mins

agree  Dr. Fred Thomson: I would say "rising replacement cost," but otherwise I fully concur.
51 mins

agree  Ralf Lemster: Got it.
1 hr
  -> Na, trauste dich noch ... d;-)
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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
at indexed replacement value


Explanation:
I concur with Darien's answer and would use indexed rather than increasing or rising. Replacement value by definition will always be higher than actual cash value, but could conceivably decrease in relationship to the original cost of the item, including construction of a new house. However it is the opposite scenario that the insurance company would be worried about.
The two alternatives are referred to as replacement cost/replacement value versus actual cash value or time value.
See website below for definitions:
http://www.lcgroup.com/explanations/ltr602.htm
REPLACEMENT COST COVERAGE
This form of insurance provides coverage on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurance clause. This coverage applies to both building and contents items as specified on the face of the policy.

Actual Cash Value" is the replacement cost of property damaged or destroyed at the time of loss, with deduction for depreciation. Actual cash value cannot exceed the applicable limit of liability shown in the declarations of the policy, nor the amount it would cost to repair or replace such property with material of like kind and quality within a reasonable amount of time after a loss.

For Unterdeckung, I'd use undercoverage:
FAQ
... type of coverage… we'll never recommend undercoverage and you'll never be oversold. ... Homeowners
Insurance Coverages A homeowners policy consists of ...
www.dtric.com/data/faq.html - 20k

HTH!


Beth Kantus
United States
Local time: 12:21
Native speaker of: English
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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
at adjusted replacement cost


Explanation:
including a waiver with respect to insufficient insurance coverage

gangels
Local time: 10:21
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in category: 121
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Changes made by editors
Mar 30, 2007 - Changes made by Steffen Walter:
Field (specific)(none) » Insurance


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