UNDAMAGE FOUNDATIONS

Where any property 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 Insured 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 taken into account in settlement of the loss.

Any dispute relating to the amount of such increase in site resale value shall forthwith be referred to the decision of two Registered Valuers, one each to be appointed by the Insured and the Insurer(s). In the event that two Valuers do not reach agreement, such dispute shall be referred to the decision of a third Valuer, appointed by the institute of Valuers (of equivalent body) as and expert whose decision shall be binding.
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