Minggu, 05 Mei 2013

DESTRUCTION OF SOUND PROPERTY CLAUSE

Where any building installation insured by this policy is constructed on its own foundation and is not totally destroyed by an insured peril and due to the requirement of any law or local authority, reinstatement is only allowed at another site, this Policy shall accept that the partially damaged foundations shall be considered as having been completely destroyed.
If however, the resale value of the original site is increased by virtue of the presence of the abandoned foundations, then such increase in resale value shall regarded as salvage and that increased amount shall be paid to the insurer upon completion of the sale of the original site, or shall be deducted from the final amount of any money payable to the insured, whichever shall occur later.
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