4.6 BASIS OF SETTLEMENT:

We shall be entitled at our option to repair or replace any article lost or damaged (whether wholly or in part) or to pay cash compensation. In the event of the total loss or destruction of any article We will not pay more than:

a) the new replacement cost of any home contents and personal effects other than listed in b) and c) below.

b) the market value of any clothing, antiques, fine arts, boats, motorcycles, cycles and trailers.

c) the cost of documents as new stationery.

d) the cost of data storage media as new blank data storage media.