ADDITIONAL EXTRA COST OF REINSTATEMENT

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ADDITIONAL EXTRA COST OF REINSTATEMENT
(APPLICABLE TO BUILDINGS, MACHINERY, PLANT AND CONTENTS; OTHER THAN STOCKS)

This Policy extends to cover the additional extra cost of reinstatement (including the demolition or dismantling of any part of damaged Property Insured, necessarily incurred by the Insured, to comply with the requirements of any Act of Parliament or Regulation made thereunder or any By-Law or Regulation of any Municipal or other Statutory Authority) and not otherwise recoverable hereunder.

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Provided that the indemnity afforded by this memorandum:

(a) shall be limited in respect of each loss or series of losses arising out of any one event at any one situation to $250,000;

(b) shall not include the additional cost incurred in complying with any such Act, Regulation, By-Law or requirement with which the Insured has been duly required to comply prior to the happening of the damage;

Provided further that the work of reinstatement [which may be carried out wholly or partially upon any other site(s) (and in any manner suitable to the requirements of the Insured, but subject to the liability of the Insurer(s) not being thereby increased), if the aforesaid Act, Regulation or By-Law so necessitates] must be commenced and carried out with reasonable dispatch, failing which the Insurer(s) shall not be liable to make any payment beyond the amount which would have been payable hereunder if this memorandum had not been incorporated herein.

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