Property Investors Protection Plan policy document (PDF)

SECTION 2 Property Investors Protection Plan Policyii) during the period commencing with thedate upon which but for the DAMAGE thePremises would have been sold andending with the actual date of sale or withthe expiry of the Indemnity Period if earlierthe loss in respect of interest beinga) the actual interest incurred on capitalborrowed (solely to offset in whole orpart the loss of use of the saleproceeds) for the purpose of financingthe Businessb) the investment interest lost to theInsured on any balance of the saleproceeds (after deduction of anycapital borrowed as provided under a))less any amount receivable in respect ofRent Receivableiii) the additional expenditure beinga) the expenditure necessarily andreasonably incurred in consequence ofthe DAMAGE solely to avoid orminimise the loss payable under (i)and (ii) immediately above but notexceeding the amount of loss avoidedby such expenditureb) the additional legal fees and otherexpenditure incurred solely as a resultof the cancellation or delay inconsequence of the DAMAGE but notexceeding either an amount equivalentto the expenditure incurredimmediately prior to the DAMAGE or£50,000 whichever is the lessCapital AdditionsThis Section extends to include RentReceivable in respect ofa) alterations additions extensions andimprovements to the Premises insuredb) newly acquired and or newly erectedbuildings anywhere in the United Kingdomprovided they are not otherwise insuredProvided thati) at any one Premises the cover shall notexceed 20% of the total Sum Insured onRent Receivable or £250,000 whicheveris the lessii) the Insured undertake to give particularsof such extension of cover as soon aspracticable and to effect specificinsurance thereon retrospective to thedate of the commencement of theCompanys liabilityiii) the provisions of this Clause shall be fullymaintained notwithstanding any specificinsurance effected under (ii) aboveDenial of Access and Loss or Damage atManaging Agents PremisesSubject to the conditions of the Policy lossresulting from interruption of or interferencewith the Business in consequenceof DAMAGEa) to property in the vicinity of the Premisesdestruction of or damage to which shallprevent or hinder the use of the Premisesor access thereto whether the Premisesor property of the Insured therein shall bedamaged or not (but excluding lossdestruction of or damage to property ofany supply undertaking from which theInsured obtain electricity gas or water ortelecommunications services whichprevent or hinder the supply ofsuch services)b) to property at the premises of theInsureds Managing Agentsshall be deemed to be loss resulting fromDAMAGE to property used by the Insured atthe Premises20