Common use of INSURING THE PROPERTY Clause in Contracts

INSURING THE PROPERTY. 16.1 You must keep the Property fully insured against loss or damage. If you will not be able to insure the Property yourself (for example, because you are the leaseholder and the freeholder has the legal right to insure it), you must do all you reasonably can to make sure the relevant person insures it. 16.2 The insurance policy must: a. be with a reputable insurance company; b. cover at least the amount that is shown in the valuation report for the rebuilding cost of the Property, which is designed to cover the amount (including Value Added Tax) required to demolish and/or rebuild the Property, clear the site of the Property, pay for surveyors and other professional fees and pay for alternative accommodation; c. be for an amount of cover that is adjusted each year in accordance with any change in the House Rebuilding Cost Index prepared by the Royal Institute of Chartered Surveyors, or if that index ceases to exist, such nearest equivalent index as we in our reasonable discretion decide; d. cover loss or damage by fire, storm, flood, burst pipes, lightning, explosion, riot, civil commotion, malicious damage, impact by aircraft or other aerial devices or articles dropped therefrom or by any road vehicle, train, animal or falling tree, earthquake, subsidence, heave and landslide and other risks that we may from time to time reasonably require; e. if you are purchasing the Property, be on risk immediately before exchange of contracts, or the date on which the Initial Advance (or, if to be paid in instalments the first instalment) is paid to you or to our legal adviser, whichever is the earliest; f. if you are re-mortgaging the Property, be on risk at least two Business Days before Completion of your mortgage; and g. be suitable for properties being let. 16.3 Our interest as a mortgage lender must be noted on the insurance policy. If we have a valid reason, for example there has been a change in insurance industry practice, we may ask for cover as joint insured or co-insured on a composite basis. 16.4 You must not do anything that will invalidate the insurance, for example giving false information to your insurer or leaving 16.5 You must pay the insurance premiums on time. You must show us your insurance policy if we wish to see it and produce receipts or other evidence that it is on risk and the premiums are paid up to date. 16.6 If we believe that you have not paid the buildings insurance premium or the cover has been cancelled, then we may ask you to give us evidence of the insurance arrangements that you have in place. 16.7 If you fail to provide a valid insurance policy when asked, or we reasonably believe that the Property is no longer insured, 16.8 You can ask us for details of any insurance we have put in place in respect of the Property. 16.9 If someone else has the right to insure the Property (for example, because you are the leaseholder and the freeholder has the legal right to insure it), we may at our discretion accept such policy as satisfying, or partially satisfying, your obligations under this clause 16, provided that: a. that person has insured the Property on the same terms as required under this clause 16; and b. you give us on request a certified copy of the policy and evidence of payments of the premium under the policy.

INSURING THE PROPERTY. 16.1 You must keep the Property fully insured against loss or damage. If you will not be able to insure the Property yourself (for example, because you are the leaseholder and the freeholder has the legal right to insure it), you must do all you reasonably can to make sure the relevant person insures it. 16.2 The insurance policy must: a. be with a reputable insurance company; b. cover at least the amount that is shown in the valuation report for the rebuilding cost of the Property, which is designed to cover the amount (including Value Added Tax) required to demolish and/or rebuild the Property, clear the site of the Property, pay for surveyors and other professional fees and pay for alternative accommodation; c. be for an amount of cover that is adjusted each year in accordance with any change in the House Rebuilding Cost Index prepared by the Royal Institute of Chartered Surveyors, or if that index ceases to exist, such nearest equivalent index as we in our reasonable discretion decide; d. cover loss or damage by fire, storm, flood, burst pipes, lightning, explosion, riot, civil commotion, malicious damage, impact by aircraft or other aerial devices or articles dropped therefrom or by any road vehicle, train, animal or falling tree, earthquake, subsidence, heave and landslide and other risks that we may from time to time reasonably require; e. if you are purchasing the Property, be on risk immediately before exchange of contracts, or the date on which the Initial Advance (or, if to be paid in instalments the first instalment) is paid to you or to our legal adviser, whichever is the earliest; f. if you are re-mortgaging the Property, be on risk at least two Business Days before Completion of your mortgage; and. g. be suitable for properties being let. 16.3 Our interest as a mortgage lender must be noted on the insurance policy. If we have a valid reason, for example there has been a change in insurance industry practice, we may ask for cover as joint insured or co-insured on a composite basis. 16.4 You must not do anything that will invalidate the insurance, for example giving false information to your insurer or leaving 16.5 You must pay the insurance premiums on time. You must show us your insurance policy if we wish to see it and produce receipts or other evidence that it is on risk and the premiums are paid up to date. 16.6 If we believe that you have not paid the buildings insurance premium or the cover has been cancelled, then we may ask you to give us evidence of the insurance arrangements that you have in place. 16.7 If you fail to provide a valid insurance policy when asked, or we reasonably believe that the Property is no longer insured, 16.8 You can ask us for details of any insurance we have put in place in respect of the Property. 16.9 If someone else has the right to insure the Property (for example, because you are the leaseholder and the freeholder has the legal right to insure it), we may at our discretion accept such policy as satisfying, or partially satisfying, your obligations under this clause 16, provided that: a. that person has insured the Property on the same terms as required under this clause 16; and b. you give us on request a certified copy of the policy and evidence of payments of the premium under the policy.

INSURING THE PROPERTY. 16.1 You must keep the Property fully insured against loss or damage. If you will not be able to insure the Property yourself (for example, because you are the leaseholder and the freeholder has the legal right to insure it), you must do all you reasonably can to make sure the relevant person insures it. 16.2 The insurance policy must: a. be with a reputable insurance company; b. cover at least the amount that is shown in the valuation report for the rebuilding cost of the Property, which is designed to cover the amount (including Value Added Tax) required to demolish and/or rebuild the Property, clear the site of the Property, pay for surveyors and other professional fees and pay for alternative accommodation; c. be for an amount of cover that is adjusted each year in accordance with any change in the House Rebuilding Cost Index prepared by the Royal Institute of Chartered Surveyors, or if that index ceases to exist, such nearest equivalent index as we in our reasonable discretion decide; d. cover loss or damage by fire, storm, flood, burst pipes, lightning, explosion, riot, civil commotion, malicious damage, impact by aircraft or other aerial devices or articles dropped therefrom or by any road vehicle, train, animal or falling tree, earthquake, subsidence, heave and landslide and other risks that we may from time to time reasonably require; e. if you are purchasing the Property, be on risk immediately before exchange of contracts, or the date on which the Initial Advance (or, if to be paid in instalments the first instalment) is paid to you or to our legal adviser, whichever is the earliest; f. if you are re-mortgaging the Property, be on risk at least two Business Days before Completion of your mortgage; and g. be suitable for properties being let. 16.3 Our interest as a mortgage lender must be noted on the insurance policy. If we have a valid reason, for example there has been a change in insurance industry practice, we may ask for cover as joint insured or co-insured on a composite basis. 16.4 You must not do anything that will invalidate the insurance, for example giving false information to your insurer or leaving 16.5 You must pay the insurance premiums on time. You must show us your insurance policy if we wish to see it and produce receipts or other evidence that it is on risk and the premiums are paid up to date. 16.6 If we believe that you have not paid the buildings insurance premium or the cover has been cancelled, then we may ask you to give us evidence of the insurance arrangements that you have in place. 16.7 If you fail to provide a valid insurance policy when asked, or we reasonably believe that the Property is no longer insured, 16.8 You can ask us for details of any insurance we have put in place in respect of the Property. 16.9 If someone else has the right to insure the Property (for example, because you are the leaseholder and the freeholder has the legal right to insure it), we may at our discretion accept such policy as satisfying, or partially satisfying, your obligations under this clause 16, provided that: a. that person has insured the Property on the same terms as required under this clause 16; and b. you give us on request a certified copy of the policy and evidence of payments of the premium under the policy.

INSURING THE PROPERTY. 16.1 You must keep the Property fully insured against loss or damage. If you will not be able to insure the Property yourself (for example, because you are the leaseholder and the freeholder has the legal right to insure it), you must do all you reasonably can to make sure the relevant person insures it. 16.2 The insurance policy must: a. (a) be with a reputable insurance company; b. (b) cover at least the amount that is shown in the valuation report for the rebuilding cost of the PropertyProperty in the copy of the valuation report provided with your Offer Letter, which is designed to cover the amount (including Value Added Tax) required to demolish and/or and/ or rebuild the Property, clear the site of the Property, pay for surveyors and other professional fees and pay for alternative accommodation. Where a copy of the valuation report is not provided, the insurance policy must cover at least the Loan Amounts; c. (c) be for an amount of cover that is adjusted each year in accordance with any change in the House Rebuilding Cost Index prepared by the Royal Institute of Chartered Surveyors, or if that index ceases to exist, such nearest equivalent index as we in our reasonable discretion decide; d. (d) cover loss or damage by fire, storm, flood, burst pipes, lightning, explosion, riot, civil commotion, malicious damage, impact by aircraft or other aerial devices or articles dropped therefrom or by any road vehicle, train, animal or falling tree, earthquake, subsidence, heave and landslide and other risks that we may from time to time reasonably require; e. (e) if you are purchasing the Property, be on risk immediately before exchange of contracts, or the date on which the Initial Advance (or, if to be paid in instalments the first instalment) is paid to you or to our legal adviser, whichever is the earliest; f. (f) if you are re-mortgaging the Property, be on risk at least two Business Days before Completion of your mortgage; and g. (g) be suitable for properties being let. 16.3 Our interest as a mortgage lender must be noted on the insurance policy. If we have a valid reason, for example there has been a change in insurance industry practice, we may ask for cover as joint insured or co-insured on a composite basis. 16.4 You must not do anything that will invalidate the insurance, for example giving false information to your insurer or leavingleaving the Property unoccupied for more than the period of time specified in the insurance policy. 16.5 You must pay the insurance premiums on time. You must show us your insurance policy if we wish to see it and produce receipts or other evidence that it is on risk and the premiums are paid up to date. 16.6 If we believe that you have not paid the buildings insurance premium or the cover has been cancelled, then we may ask you to give us evidence of the insurance arrangements that you have in place. 16.7 If you fail to provide a valid insurance policy when asked, or we reasonably believe that the Property is no longer insured,, or the insurance is not suitable, then we reserve the right, but are not obliged, to insure the Property. If we insure the Property, we will only insure our interest and not yours. You will need to pay the Costs that we incur in insuring the Property. 16.8 You can ask us for details of any insurance we have put in place in respect of the Property. 16.9 If someone else has the right to insure the Property (for example, because you are the leaseholder and the freeholder has the legal right to insure it), we may at our discretion accept such policy as satisfying, or partially satisfying, your obligations under this clause 16, provided that: a. (a) that person has insured the Property on the same terms as required under this clause 16; and b. (b) you give us on request a certified copy of the policy and evidence of payments of the premium under the policy.