UNDAMAGED FOUNDATIONS

Where any Property Insured hereunder is damaged but the foundations thereof are undamaged 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 the damaged property has to be carried out upon any other site then the abandoned foundations will be considered as being destroyed; provided that if the presence of such abandoned foundations 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.