(1) As regards goods and merchandise insured, the insurers must pay an amount equal to their value to the assured immediately before the fire.
(2) In the case of buildings and machinery the amount of the insurer's liability is measured by the cost of repairing the damage, making due allowance for the excess of the value of new and improved buildings and machinery over the old.
(3) Losses in the nature of loss of profits are not recoverable unless expressly covered.