| |
Structure - The New Housing Unit
For any insured contract relating to the conversion refurbishment or renovation of the "New Housing Unit" the Definition of "Structure" shall only be deamed to include any of the items shown below constructed by the "Builder" as part of any such conversion, refurbishment or renovation works as shown in the Policy Wording. If you would like a copy of the policy wording, please call our Customer Services number on 0870 3333810.
The following elements comprise the Structure of a New Housing Unit:
- Foundations
- Load-bearing parts of floors, staircases and associated guard rails, walls and roofs together with load bearing retaining
walls necessary for stability
- Roof covering
- Any external finishing surface (including rendering) necessary for the water-tightness of the external envelope
- Floor decking and screeds, where these fail to support normal loads
Note: for the purpose of conversion works this definition shall only be deemed to refer to such elements built or rebuilt during the construction period.
Waterproof Envelope
Waterproof Element shall mean the ground floors, external walls, roofs, skylights, windows and doors of a New Housing Unit but excluding thoses parts below ground floor slab level.
Builder
Either the Policyholder or any person or company with whom the Policyholder has entered into an agreement or contract to purchase the New Housing Unit.
Certificate of Approval
The Certificate issued by the Site Audit Surveyor to the Underwriter on or following satisfactory completion of the New Housing Unit.
Common Parts
Those parts of a multi-ownership building (of which each New Housing Unit is part), for a common or general use, for which the Policyholder has joint ownership or legal responsibility.
Excess
As noted on the Initial and Final Certificates the Underwriter shall not be liable for the first part of any payment made in respect of a valid claim under the Policy for a New Housing Unit.
Final Certificate
The Certificate issued by the Underwriter to signify acceptance of the New Housing Unit for insurance hereunder following issue of the Certificate of Approval by the Site Audit Surveyor.
Initial Certificate
The Certificate issued by the Underwriter signifying their agreement to the provision of the insurance cover set out in the Policy subject to receipt of a Certificate of Approval for the New Housing Unit.
Limit of Indemnity
The Liability of the Underwriter shall not exceed during the Period of Insurance the amount shown as the Sum Insured shown on the Final Certificate, or the relevant limit in the Financial Limits Section of this policy, which ever is the lesser. The Limit of Indemnity is indexed linked in accordance with Condition 5 of the policy. For a copy of the policy please call our Customer Servies Department on 020 7716 5050.
Minimum Claim Value
The amount relating to each and every loss in respect of each New Housing Unit below which the Underwriter has no liability under this Policy. If the loss is greater than the Minimum Claim Value the Underwriter will be responsible for the full amount of the Policyholder's claim covered by the policy.
|
