Property Investors Protection Plan policy document (PDF)

SECTION 1 Property Investors Protection Plan Policy104 No payment beyond the amount whichwould have been payable in the absenceof this clause shall be madea) unless reinstatement commences andproceeds without unreasonable delayb) until the cost of reinstatement shallhave been actually incurredc) if the Property Insured at the time ofits loss destruction or damage shall beinsured by any other insuranceeffected by or on behalf of the Insuredwhich is not upon the same basisof reinstatement5 All the terms and conditions of this Policyshall apply in respect of any claim payableunder the provisions of this clause exceptinsofar as they are varied hereby6 Where by reason ofa) any of the above Special Conditions nopayment is to be made beyond theamount which would have beenpayable under this Section if this clausehad not been incorporated thereinorb) the Insured elect not to rebuild theProperty Insured in a condition equal tobut not better or more extensive than itscondition when new then the provisionsof this clause are cancelled and therights and liabilities of the Companyand the Insured in respect of theDAMAGE shall be subject to the termsand conditions of the Policy includingthe following Condition of Average –The insurance by each item of thisSection is declared to be subject toAverage i.e. if the property coveredshall at the breaking out of anyDAMAGE insured hereby becollectively of greater value than 115%of the Declared Value stated in theSchedule then the Insured shall beconsidered as being their own insurerfor the difference and shall bear arateable share of the loss accordinglyEmpty Buildingsa) Whenever the Property Insured by thisSection is Empty the Empty BuildingsWarranty will applyb) The Company must be notified inwriting immediately any Empty buildingor Empty portion of a building insuredhereby becomes occupied or anyoccupied building becomes Emptyand a suitable extra premium be paidif requiredEmpty Buildings WarrantyIt is warranted that whenever the PropertyInsured is Emptya) the Insured shall notify the Companyimmediately they become awarei) that the building(s) are Emptyii) of any loss destruction or damageto the Empty building(s) whethersuch loss destruction or damage isinsured or not with all lossdestruction or damagerectified immediatelyb) notify the police immediately when thebuilding becomes Emptyc) the buildings are inspected internallyat least once during each week by oron behalf of the Insuredd) all trade refuse and waste materialsare removed from the interior of thepremises and no accumulation ofrefuse and waste be allowed in theadjoining yards or spaces owned bythe Insurede) the Insured shall secure the buildingand put all protective and lockingdevices and any alarm protection intoeffective operation with letterboxessealed to prevent the accumulation ofmail Any entry doors must be securedwith a minimum of BS3621 mortisedeadlock and platef) the gas water and electricity suppliesare turned off at the mains (except