In the event of the property specified being destroyed or damaged the basis upon which the amount payable is to be calculated shall be cost of replacing or reinstating on the same site or any other site with the property of the same kind or type but not superior to or more extensive the insured property when new as on date of the loss subject to (i) work of replacement must be completed within 12 months or within such further time not exceeding 12 months if agreed by insurers (ii) Until expenditure has been incurred by the insured in replacing or reinstating the property the company shall not be liable for any payment in excess of the amount which would have been payable if this clause was not incorporated in the policy. (iii) Subject to average as specified (iv) This clause is not applicable if the insured fails to intimate to the insurer within 6 months from the date of destruction or damage or such further time as insurer may in writing allow his intention to replace of reinstate the property destroyed or the insured is unable or unwilling to replace of reinstate the property destroyed or damaged.