Property Investors Protection Plan policy document (PDF)

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SECTION 1 Property Investors Protection Plan PolicySection 1BuildingsThe CoverThe Company will (subject to the termsdefinitions exclusions and conditions of thePolicy) if any of the Property Insured beaccidentally lost destroyed or damaged payto the Insured the value of the property atthe time of its loss or destruction or theamount of the damage or at the Companysoption reinstate or replace such property orany part of itProperty Insureda) The buildings shown in the Scheduleincluding outbuildings annexes gangwaysconveniences foundations or footings(unless otherwise excluded) yards carparks roads pavements landscapingplanters ornamental features and statueswalls gates and fences together withlandlord’s fixtures and fittings therein andthereon tenants improvementsunderground pipes drains piping ductingcables wires and associated control gearand accessories on the premises andextending to the public mains but only tothe extent of the Insureds responsibilityb) Fitted carpets and other furnishingsbelonging to the Insured but excludingfitted carpets and other furnishings withinproperties or portions thereof which arelet for domestic purposes Fixed glass inwindows doors fanlights skylightspartitions and fixed sanitary wareAmount ExcludedThis Section does not cover the amountsstated in the following paragraph in respectof each and every loss as ascertained afterthe application of all other terms andconditions of the Policy including anyCondition of AverageCompensation1 DAMAGE by firelightningexplosion aircraftriot civilcommotionstrikers lockedoutworkerspersons takingpart in labourdisturbancesor earthquake2 All otherinsuredDAMAGEAmount Excluded £Nil£300Limit of LiabilityThe maximum amount payable during anyPeriod of Insurance under this Sectionincluding any payment made under theExtensions is the Sum Insured shown in theSchedule for the Buildings Section adjusted inaccordance with the Inflation Protection Clauseif applicable8
Property Investors Protection Plan Policy SECTION 1ClausesChange in TenancyThe Insured must advise the Company of allchanges in tenancy or occupation within theProperty Insured in accordance withCondition 1 of this PolicyConstruction of BuildingsExcept as otherwise stated the buildingsdescribed in the Schedule are ofStandard ConstructionContractors InterestWhere the Insured is required to effectinsurance on the Property Insured in the jointnames of themselves and the contractorunder the terms of a contract condition thenthe interest of the contractor in the PropertyInsured as joint insured is noted provided theInsured shall advise the Company of detailsof any single contract valued in excess of£150,000 or 10% of the Sum Insured on theProperty Insured whichever is the less andpay any additional premium the Companymay requireDay One AverageA Subject to the following SpecialConditions the basis upon which theamount payable in respect of the PropertyInsured under sums insured marked DAin the Schedule is to be calculated shallbe the reinstatement of the property lostdestroyed or damagedFor this purpose ‘reinstatement’ meansa) the rebuilding or replacement ofproperty lost or destroyed whichprovided the liability of the Company isnot increased may be carried outi) in any manner suitable to therequirements of the Insuredii) upon another siteb) the repair or restoration of propertydamaged in either case to a conditionequivalent to or substantially the sameas but not better or more extensivethan its condition when newB The Insured having stated in writing theDeclared Value shown in brackets belowthe Sum Insured for each of the saiditems the premium has beencalculated accordingly‘Declared Value’ means the Insuredsassessment of the cost of reinstatementof the Property Insured arrived at inaccordance with paragraph A(a) at thelevel of costs applying at the inception ofthe Period of Insurance (ignoringinflationary factors which may operatesubsequently) together with insofar as theinsurance by the item provides dueallowance fora) the additional cost of reinstatementto comply with publicauthority requirementsb) professional feesc) debris removal costsd) fitted carpets and other furnishingsSpecial Conditions1 At the inception of each Period ofInsurance the Insured shall notify theCompany of the Declared Value of theProperty Insured by each of the saiditem(s) In the absence of such declarationthe last amount declared by the Insuredshall be taken as the Declared Value forthe ensuing Period of Insurance2 If at the time of DAMAGE the DeclaredValue of the property covered by suchitem be less than the cost ofreinstatement (as defined in paragraph Babove) at the inception of the Period ofInsurance then the Companys liability forany DAMAGE shall not exceed thatproportion thereof which the DeclaredValue bears to such cost of reinstatement3 The liability of the Company for the repairor restoration of property damaged in partonly shall not exceed the amount whichwould have been payable had suchproperty been wholly destroyed9
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