Rabu, 01 Mei 2013

DAMAGE TO FOUNDATION

Where any property insured hereunder is damaged but the foundations Thereof are undamaged and due to the exercising of statutory powers and/or delegated legislation and/or authority by any Government Department, Local Government or other Statutory Authority reinstatement of the damaged property has to be carried out upon any other site(s)then the abandoned foundations will be considered as being destroyed; provided that if the presence of such abandoned foundations increases the resale  value of the original building site then such increase in resale value shall be regarded as salvage and the amount thereof shall accordingly be payable to the Insurer(s) by the Insured upon completion of the sale of the site.

Any dispute relating to the amount of such increase in site resale value shall  forthwith  be  referred to the decision of two Registered Values, one to be  appointed by each of the parties to this contract of insurance.
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