<p>IT IS HEREBY UNDERSTOOD AND AGREED that otherwise subject to the terms, exclusions, provisions and conditions&nbsp;contained in the Policy or endorsed thereon, cover on formworks; scaffolds, supporting structures and the like shall be subject to the following:</p>

<ol style="list-style-type:lower-alpha">
	<li>Formwork, scaffolds, supporting structures and the like as defined herein are fixtures of temporary construction, e.g., wood forms, plywood forms, etc. Temporary structures of steel construction, e.g., steel/metal scaffolds and forms are to be regarded as Construction Equipment.</li>
	<li>In the event of an occurrence of loss or damage to these 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 as they are included in the contact costs insured under this policy less charges for depreciation of&nbsp; such formworks, scaffolds, supporting structures and the like.</li>
</ol>

<p style="margin-left:40px">Depreciation as defined by this cover&nbsp; shall be computed as follows:</p>

<p style="margin-left:40px">Where</p>

<ul style="list-style-type:square">
	<li>D&nbsp; = depreciation</li>
	<li>Lo = number of months the item (s) is/are in service</li>
	<li>L1&nbsp; &nbsp;= reasonable useful life of the Items(s)</li>
	<li>S&nbsp;&nbsp; = reasonable value of the item(s) as can be computed from the&nbsp;contract cost insured in this policy.</li>
</ul>

<p style="margin-left:40px; text-align:center">D = __<u>Lo</u>_&nbsp;x S<br />
&nbsp; &nbsp;L1</p>

<p style="margin-left:40px">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 policy shall be limited to its cost of use.&nbsp; Cost of use as defined herein shall be computed as follows:</p>

<p style="margin-left:40px">Where</p>

<p style="margin-left:40px">Vc = value of temporary structure can be reasonably computed&nbsp;from the insured contract cost</p>

<p style="margin-left:40px">Vn = indentifiable number of&nbsp; uses&nbsp; of this temporary structure&nbsp;during the construction period.</p>

<p style="margin-left:40px">COST OF USE = Vc -:- Vn</p>

<p>Otherwise, temporary structures as defined herein should have been insured separately under Item 2 - Construction Plant and Equipment in the policy Schedule:</p>

<p style="text-align:center"><strong>Temporary Facilities</strong></p>

<p>IT IS HEREBY UNDERSTOOD AND AGREED that otherwise subject to the terms, exclusions, provisions and conditions containted in the Policy or endorsed thereon, the cover being provided by this policy in respect of temporary facilities like bunkhouses, staff houses, temporary field offices, etc. shall be subject to the policy provision on the Period of Cover.</p>

<p>Nothing herein contained shall be held to vary, alter, waive or change any of the terms, limits or conditions of the policy, except as hereinabove set forth.</p>

<p>This endorsement is effective: July 14, 2014</p>

<p>Attached to and forming part of Poicy No. CAR-2014-0022<br />
of Alliedbankers&nbsp;Insurance Corporation</p>
