Property Investors Protection Plan policy document (PDF)

Property Investors Protection Plan Policy SPECIAL CLAUSES4 Failure of Other InsurancesThe insurance by Sections 1 and 2 extendsto covera) DAMAGE to Buildingsb) loss of Rent Receivable followingDAMAGE to buildingsin which the Insured has an insurableinterest but under the terms of the lease theresponsibility for arranging adequateinsurance cover rests with a third partylessee or third party lessorProvided thata) a valid enforceable lease is in forceb) the Insured could not have preventedsuch failurec) this Extension shall only applyi) in the event of failure of the thirdparty’s insurance and then only for theexcess beyond the amount payableunder such insuranceii) in respect of claims arising directlyfrom a contingency specified in thelease but in no case greater in scopethan the cover provided by this Policyd) at any one Premises this cover shallnot exceedi) in respect of Section 120% of the total Sum Insured by theSection but in no case exceeding£2,000,000ii) in respect of Section 220% of the total Sum Insured or£250,000 whichever is the lessFurther it is a condition of the insuranceby each Section that1 the Insured has procedures in place tocheck that lessees or lessors haveeffected and maintain adequate insurancecover including any Terrorism cover2 on discovery of a failure to insure or toinsure for reinstatement value the Insuredshall immediately effect adequateinsurance cover including againstTerrorism where they have elected to takeTerrorism cover3 subrogation rights are not waived inrespect of damage caused by Terrorism37