Portuguese to English Law/Patents Insurance

This part is under the Claims Clause of an insurance contract; here is the text in question:

"O contrato de seguro pode admitir para fins de indenização, mediante acordo entre as partes,..."

I mean really, contracts can "admit"? I think not, but this is the rest of the text that follows:

"... as hipótese de pagamento em dinheiro, reposição or reparo da coisa. No impossibilidade de reposição da coisa, a época da liquidação devida será paga em dinheiro."

So here goes my try:

"Under this insurance contract, cash payments are acceptable, after agreement between the parties thereof, as a form of indemnity for repair or replacement of a secured item. If said item deemed irreplaceable, the compensation shall be payable in the form of cash on the due date."

Second thoughts on this one?