Sabtu, 31 Agustus 2013

REINSTATEMENT OF DAMAGE BY THE INSURED


Basis of Settlement that The Insurer shall not be liable to make any payment beyond the INDEMNITY VALUE of the Property Insured until a sun equal to the REINSTATEMENT VALUE has actually been incurred by the Insured in the replacement, repair or re-building of the property, provided that where the Insured repairs or rebuilds any Damaged Property Insured at a cost which is less than the cost of reinstatement but greater than the value of such property at the time of the Damage, then the cost so incurred shall be deemed to be the cost of reinstatement :
If the Insured shall, after obtaining the consent of the Insurer, reinstate Damaged Property Insured, the Insurer shall pay the cost of such reinstatement including the value of labour and other overhead charges expended thereon together with a reasonable margin for profit. The liability of the Insurer shall not exceed the amount which would otherwise have been payable hereunder had such reinstatement been carried out by outside contractors.
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