Liberty Quality Home - house and contents insurance
Article - Cover
Liberty Quality Home - house and contents insurance
CONTRACT BASES
Article 21 - Valuation of the damage
BUILDING ( Contents )
The building, including the foundations but not including the value of the site, shall be valued according to the value of new construction at the moment prior to the accident.
The cost of replacing the building shall be construed as including any architect or engineering fees necessary for the reconstruction, although at no time may the indemnity from the insurer exceed the insured sum in the policy for the building.
If the damaged or destroyed building is not useful for the insured or is not repaired, reconstructed or replaced on the site where it had been at the moment prior to the accident, or in case of any significant modification of its original use, the insurer shall appraise the damages based on its real value, bearing in mind the corresponding deduction for use, age and obsolescence, except when its reconstruction cannot be carried out at the same time by legal imperative.
At all times, the difference between the reconstruction value and the real value shall only be indemnifiable when the reconstruction of the damaged building is carried out within two years of the occurrence of the accident.
Article 22 - Calculation of the indemnity