Obsolete buildings clause

Apply a form of reinstatement insurance to buildings over 50 years old that cannot be rebuilt in a similar manner following a claim. The insurer agrees that if there is a significant loss, they will replace the ‘old’ with a new building or purchase an alternative building as a replacement. The sum insured should reflect this cost, and partial losses can be handled on a reinstatement or indemnity basis.

Leave a Reply

Your email address will not be published. Required fields are marked *