<p style="margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace">It is hereby understood and agreed that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon, cover on formworks, scaffolds, supporting structures and the like shall be subject to the following:</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace"><!--[if !supportLists]-->a. Formworks, scaffolds, supporting structures and the like as defined herein are fixtures of temporary construction, e.g., woods forms, plywood forms, etc.&nbsp; Temporary structures of steel construction, e.g., steel/metal scaffolds and forms are to be regarded as Construction Equipment.</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace"><!--[if !supportLists]-->b. In the event of loss or damage to formworks, scaffolds, supporting structures and the like, the extent of loss by which the Insurers shall be liable shall be limited to the reasonable cost of such formworks, scaffolds, supporting structures and the like in so far a they are included in the contract costs insured under this Policy less charges for depreciation of such formworks, scaffolds, supporting structures and the like.</span></p>

<p style="margin-left:.25in; margin-right:.25in; text-align:justify"><span style="font-family:courier new,courier,monospace">Depreciation as defined by thus cover shall be computed as follows:</span></p>

<p style="margin-left:.25in; margin-right:.25in; text-align:justify"><span style="font-family:courier new,courier,monospace"><strong>&nbsp; &nbsp; &nbsp; &nbsp;L</strong><sub>o</sub>&nbsp;Where: <strong>D</strong> = depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></p>

<p style="margin-left:.25in; margin-right:.25in; text-align:justify"><span style="font-family:courier new,courier,monospace"><strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; D</strong> = -- x <strong>S</strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p style="margin-left:.25in; margin-right:.25in; text-align:justify"><span style="font-family:courier new,courier,monospace"><strong>L</strong><sub>o</sub>= number of months the items(s) is/are service</span></p>

<p style="margin-left:.25in; margin-right:.25in"><span style="font-family:courier new,courier,monospace"><strong>L</strong><sub>I&nbsp;&nbsp;</sub><strong>L</strong><sub>i=&nbsp; </sub>reasonable useful life of the item(s)</span></p>

<p style="margin-left:.25in; margin-right:.25in"><span style="font-family:courier new,courier,monospace"><strong>S</strong> = reasonable value of the item(s) as can be computed from the contract costs insured this policy.</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace">c. where temporary structures of steel construction herein defined as Construction Equipment are alleged to be part of the contract insured by this Policy, the liability of the Insurers shall be limited to the cost of use.&nbsp; Cost of use as defined herein shall be computed as follows:</span></p>

<p style="margin-left:.25in; margin-right:.25in"><span style="font-family:courier new,courier,monospace">COST OF USE = <strong>V</strong><sub>e</sub> &ndash; <strong>V</strong><sub>n</sub>&nbsp; </span></p>

<p style="margin-left:.25in; margin-right:.25in"><span style="font-family:courier new,courier,monospace">Where: <strong>V</strong><sub>e </sub>= value of temporary structure as can reasonably be computed from the insured contract cost</span></p>

<p style="margin-left:.25in; margin-right:.25in"><span style="font-family:courier new,courier,monospace">&nbsp;<strong>V</strong><sub>n </sub>= indentifiable number of uses of&nbsp;this temporary structure during the&nbsp;construction period</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace">Otherwise temporary structures as defined herein should have been insured separately under Item 2 - Construction Plant and Equipment in the policy Schedule.</span></p>
