Reinstatement Value Sample Clauses
Reinstatement Value. Where the Basis of Settlement is Reinstatement Value the following provisions shall apply:
i. the work of rebuilding, replacing, repairing or restoring as the case may be (which may be carried out upon any other site(s) and in any manner suitable to the requirements of the Named Insured, but subject to the liability of the Insurers not being thereby increased), must be commenced and carried out with reasonable dispatch;
ii. where Insured Property has been Damaged and where the Named Insured elects not to reinstate such Insured Property, the Insurers will pay to the Named Insured an amount equal to the cost necessary to replace, repair or rebuild the Insured Property to a condition substantially the same as but not better nor more extensive than its condition at the time the Damage occurred;
iii. if the Insured Property is reasonably abandoned because the cost of recovery would exceed the amount payable under this Policy in respect of such property, it shall be deemed to be a constructive total loss and settlement shall be made in accordance with the above provisions (as applicable).
Reinstatement Value the full reinstatement value of the Property as reasonably determined by the Tenant from time to time, taking into account inflation of building costs and including any costs of demolition, site clearance, site protection, shoring up, professional fees and expenses and the costs of any other work to the Property that may be required by law and any VAT on any such costs, fees and expenses. the Rights: the rights referred to and set out in the Second Schedule; the Schedule of Condition: the photographic schedule evidencing the condition of the Premises as at the date of this Lease annexed to this Lease at Annex 2; Superior Lessor: everyone having a title to the Premises in reversion, however remotely, on the termination of the Landlord's title at any time during the Term; the Tenant: includes its successors in title and assigns and all persons deriving title through or under it; the Term: the Contractual Term; Uninsured Risks: any risk which is either: a) not listed in the definition of Insured Risks; or
Reinstatement Value. Where the Basis of Settlement is Reinstatement Value the following provisions shall apply:
i. the work of rebuilding, replacing, repairing or restoring as the case may be (which may be carried out upon any other site(s) and in any manner suitable to the requirements of the Named Insured, but subject to the liability of the Insurers not being thereby increased), must be commenced and carried out with reasonable dispatch;
ii. where Insured Property has been Damaged and where the Named Insured elects not to reinstate such Insured Property, the Insurers will pay to the Named Insured an amount equal to the cost necessary to replace, repair or rebuild the Insured Property to a condition substantially the same as but not better nor more extensive than its condition at the time the Damage occurred;