Laws of tuvalu



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10 Salvage and recovery
In the case of recovery of any sums on account of any loss covered under this policy the amount recovered after deducting the actual cost of obtaining or making any such recovery but excluding the Bank’s own labour or establishment costs, or both, shall be applied in the following order, namely —
(a) to reimburse the Bank in full for the part, if any, of such loss which exceeds the amount of coverage provided by this Schedule (disregarding the amount of the excess applicable);
(b) the balance, if any, or the entire net recovery if no part of such loss exceeds the amount of coverage provided by this Schedule, to reduction of that part of the loss covered by this Schedule, or if payment thereof shall have been made, to the reimbursement of the Government; and
(c) to that part of the loss sustained by the Bank by reason of the excess.



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