In the case of a partial loss to a pair or set of items, how are they valued?

In the context of valuing a partial loss to a pair or set of items, the correct approach is to assess the value based on the lost item's value. This valuation method takes into account the specific item that was either damaged or lost from the set, recognizing that this individual item may have a distinct worth, which should be compensated rather than applying a blanket value to the entire set.

In insurance terms, when one item of a set is lost or damaged, the overall value of the other items in the set does not change significantly; therefore, focusing on the replacement or depreciation value of the lost item is the most straightforward method to determine compensation. This method aligns with insurance principles that aim to indemnify the insured for their specific loss without artificially inflating the value based on the combined worth of undamaged items.

The other considerations for valuing a partial loss in a pair or set are less applicable. Determining value by the total value of the set would not yield a fair compensation since it neglected the impact of the specific loss. Assessing depreciation could be relevant but does not directly capture the value of what was lost. Considering an agreed replacement cost might only come into play in certain specific circumstances but typically does not reflect the individualized value of the lost item