Property Investors Protection Plan policy document (PDF)

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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
Property Investors Protection Plan Policy SECTION 2Empty BuildingsWhere Rent Receivable is insured in respectof any Empty buildings in the event ofDAMAGE the Insured must show that but forthe DAMAGE Rent Receivable would havebeen earned and will be required to supporta claim for loss of Rent Receivable bysubmitting reasonable evidence of theamount of Rent Receivable and the datefrom which it would have been earnedThe Company will have regarda) to actual negotiations with prospectivetenants both before and after the DAMAGEb) for demand for similar accommodation inthe locality andc) of the general level of rents applyingIf required the advice of a professional valueracceptable to both the Insured and Companywill be sought and such fees will be includedin the indemnity under this ClauseFailure of Public SupplyThis Section extends to include interruption ofor interference with the Business caused byDamage as defined in this Section giving riseto destruction or damage to property at anya) generating station or sub station of thepublic electricity supply undertakingb) land based premises of the public gassupply undertaking or of any natural gasproducer linked directly therewithc) water works and pumping stations of thepublic water supply undertakingd) land based premises of the publictelecommunications undertakingfrom which the Insured obtains electricity gaswater or telecommunication services withinGreat Britain Northern Ireland the ChannelIslands or the Isle of ManLoss of AttractionThis Section extends to include loss resultingfrom interruption of or interference with theBusiness due to DAMAGE to property in thevicinity of the Premises which shall deterpotential tenants whether the Premises ofthe Insured or property of the Insured thereinshall be damaged or not Provided that themaximum amount payable under this Clausein any Period of Insurance shall not exceeda) £50,000 or the Sum Insured in respect ofeach Premises whichever is the lessb) £250,000 in aggregateLoss of Investment Income due to LatePayment of RentIf as a result of DAMAGE the Company ispaying an indemnity in respect of loss ofRent Receivable and the payment is madelater than the date upon which the Insuredwould normally have expected to receive therent from the lessee the Company will pay afurther sum representing the investmentinterest lost to the Insured during the periodof delayMurder Suicide or DiseaseThe Company shall indemnify the Insured inrespect of DAMAGE resulting from interruptionof or interference with the Business during theIndemnity Period followinga) any human infectious or humancontagious disease (excluding AcquiredImmune Deficiency Syndrome (AIDS) oran AIDS related condition) an outbreak ofwhich the local authority has stipulatedshall be notified to them manifested byany person whilst in the Premises orwithin a 25 mile radius of itb) murder or suicide in the Premisesc) Injury or illness sustained by any personarising from or traceable to foreign orinjurious matter in food or drink providedin the Premises21
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Property Investors Protection Plan policy document (PDF)

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