Sabtu, 01 Juni 2013

EXTRA COST OF REINSTATEMENT CLAUSE

 (Applicable to Property Insured as indicated in The Schedule under the Basis of claims Settlement).
Notwithstanding anything contained in this Policy to the contrary, this Policy includes the extra cost of reinstatement (including demolition or dismantling) of Damaged Property necessarily incurred to comply with the requirements of any Act of Parliament or Regulation made thereunder or any By-Law or Regulation of any Municipal or other Statutory Authority, subject to the following Provisions and subject also to the terms, Conditions and Limit(s) or Sub-Limit(s) of Liability of this Policy.
PROVIDED THAT :
The work of reinstatement (which may be carried out wholly or partially upon any other site(s) subject to the liability of the Insurer(s) not being thereby increased) , must be commenced and carried out with reasonable dispatch, failing which the Insurer(s) shall not be liable to make any payment beyond the amount which would have been payable under this Policy if this Clause had not been incorporated herein.
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