<p>It is hereby declared and agreed that notwithstanding what is stated in the printed conditions of this policy to the contrary, in the event of the property insured, which shall be kept in a state of through repair, under this policy being destroyed or damaged the basis upon which the amount payable under (each of the said Items of ) the policy is to be calculated shall be reinstatement of the property destroyed or damage, subject to the following special provisions and subject also to the terms and conditions of the policy except &nbsp;in so far as the same may be varied hereby.</p>

<p>For the purpose of the insurance under this memorandum &quot;Reinstatement&quot; shall mean :</p>

<p>The carrying out of the aftermentioned work, namely -</p>

<p>(a) &nbsp;Where property is destroyed, the rebuilding of the property, if a building, or, in the case of other property, its replacement by the similar property, in either case in a condition equal to but not better or more extensive than its condition when new, provided the Alliedbankers Insurance Corporation - shall not be liable for any loss occasioned by the enforcement of any statute, municipal or city ordinance regulating the construction or repair of buildings.</p>

<p>(b) &nbsp;Where property is damaged, the repair of the damage and the restoration of the damaged portion of the property to a condition substantially the same as but not better or more extensive than its condition when new.</p>

<p>SPECIAL PROVISIONS</p>

<p>1. The work of reinstatement (which may be carried out upon another site and in any manner suitable to the requirements of the Insured subject to the liabilities of the Alliedbankers Insurance Corporation not being thereby increased) must be commenced and carried out with reasonable dispatch and in any case must be completed within six months after the destruction or damage or within such further time as the Alliedbankers may (during the said six months) in writing allow, otherwise, no payment beyond the amount which would have been payable under the policy if this memorandum had not been incorporated therein shall be made.</p>

<p>2. When any property insured under this memorandum is damaged or destroyed in part only the liability of the Alliedbankers Insurance Corporation shall not exceed the sum presenting the cost which the Alliedbankers Insurance Corporation could have been called upon to pay for reinstatement if such property had been wholly destroyed.</p>

<p>3. No payment beyond the amount which would have been payable under the policy if this memorandum had not been incorporated therein shall be made until the cost of reinstatement shall have been actually incurred.</p>

<p>4. Each item insured under this memorandum is declared to be separately subject to the following Condition of Average, namely :</p>

<p>&nbsp; &nbsp;If at the time of reinstatement the sum representing the cost which would have been incurred in reinstatement if the whole of the property covered by such item had been destroyed, exceeds the sum insured thereon at the breaking out of any fire or at the commencement of any destruction of or damage to such property by any other peril thereby insured against, then the Insured shall be considered as being his own insurer for the excess and shall bear a ratable proportion of the loss accordingly.</p>

<p>5. The Alliedbankers Insurance Corporation shall not be liable for the cost of removing the debris of the damage or destroyed property to be reinstated or replaced.</p>

<p>6. No payment beyond the amount which would have been payable under the policy if this memorandum had not been incorporated therein shall be made if at the time of any destruction or damage to any property insured hereunder such property shall be covered by any other insurance effected by or on behalf of the Insured which is not upon the identical basis of reinstatement set forth herein.</p>

<p>7. When the Insured is unable or unwilling to replace or reinstate the property destroyed or damaged on the same or another site or where by reason of any of the above special provisions no payment is to be made beyond the amount which would have been payable under the policy if this memorandum had not been incorporated therein the rights and liabilities of the Alliedbankers Insurance Corporation and the Insured in respect of the destruction or damage shall be subject to the terms and conditions of the policy, including any Condition of Average therein, as if this memorandum had not been incorporated therein.</p>
