Property Investors Protection Plan policy document (PDF)

SPECIAL CLAUSES Property Investors Protection Plan PolicySpecial Clauses36Applicable only if the Clause numbers are entered in the Schedule1 Subsidence Ground Heaveand LandslipNotwithstanding Exclusions 6(a) and 6(b) theinsurance by Sections 1 and 2 extends tocover DAMAGE caused by Subsidence orGround Heave of any part of the site on whichthe property stands or Landslip excludinga) the first £1,000 of each and every lossin respect of Section 1 at eachseparate premises as ascertainedafter the application of any Conditionof Averageb) DAMAGE to yards car parks roadspavements walls gates and fencesunless also affecting a buildinginsured herebyc) DAMAGE caused by or consisting ofi) the normal settlement or beddingdown of new structuresii) the settlement or movement ofmade-up groundiii) coastal or river erosioniv) defective design or workmanship orthe use of defective materialsv) fire subterranean fire explosionearthquake or the escape of waterfrom any tank apparatus or piped) DAMAGE which originated prior to theinception of this covere) DAMAGE resulting fromi) demolition construction structuralalteration or repair of any propertyorii) groundwork or excavation atthe premisesSpecial ConditionsInsofar as this insurance relates to DAMAGEcaused by Subsidence Ground Heaveor Landslipa) The Insured shall notify the Companyimmediately they become aware of anydemolition groundworks excavation orconstruction being carried out on anyadjoining siteb) The Company shall then have the right tovary the terms or cancel this cover2 Temporary CoverThe first premium has been calculated to takeinto account the cost of temporary cover (inaccordance with particulars lodged with theCompany) pending this Policy being issued3 Long Term UndertakingThe discount shown in the Schedule isallowed off the net premiums on this Policyin consideration of the Insured having givenan undertaking expiring on the date stated inthe Schedule to offer annually the insuranceunder this Policy on the terms and conditionsin force at the expiry of each Period ofInsurance and to pay the premium annuallyin advance it being understood thata) the Company shall be under no obligationto accept an offer made in accordancewith the above-mentioned undertakingb) where appropriate the Sum Insured maybe reduced at any time to correspondwith any reduction in value/rental incomeThe above-mentioned undertaking applies toany policy (or policies) which may be issuedby the Company in substitution for this Policyand the same discount shall be allowed offthe net premiums on any substituted policyor policies issued by the CompanyPayment of the premium due at the expirydate shown in the Schedule shall be deemedacceptance by the Insured of the terms ofthis clause