UNDAMAGED BUILDINGS

In the event of any buildings insured hereunder being damaged and due to the exercising of statutory powers and/or delegated legislation and/or authority by any Government Department, Local Government or other Statutory Authority reinstatement of such buildings has to be carried out upon any other site then the abandoned undamaged portions of such buildings will be considered as being destroyed; provided that if the presence of such abandoned undamaged portions of the buildings increases the resale value of the original building site then such increase in resale value shall be regarded as salvage and the amount thereof shall accordingly be payable to the Insurer by the Insured upon completion of the sale of the site.

All differences relating to the amount of such increase in site resale value shall forthwith be referred to the decision of two Registered Valuers, one to be appointed by each of the parties to this contract of insurance. In the event that the two Valuers do not reach agreement, such differences shall be referred to the decision of a third Valuer, appointed by the President of the Commonwealth Institute of Valuers as an expert, whose decision shall be binding.

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