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Insurance in respect of the property will be carried out by the Society in accordance with the rules and the mortgage conditions

admin2013-07-02  24
问题     Insurance in respect of the property will be carried out by the Society in accordance with the rules and the mortgage conditions with such insurance companies as the Society may determine. The Society has a wide experience of insurance companies and of the terms offered by their policies, and places insurance with many companies who are able to provide the cover which the Society considers necessary. You may like the Society to insure with a particular company, and if so please contact immediately the Branch Office to which you submitted your application for loan, and so long as that company and its terms are acceptable to the Society the cover will be arranged accordingly. If you should suggest a company and it is not one with which the Society does business you will be informed and offered a choice of other companies. You may request change of insurance company at any time during the life of the mortgage. If your mortgage is under the endowment scheme or supported by an insurance guarantee or if the documents of title specify the company to be used it may not be possible to accept your choice.

    The initial sum insured will be the figure shown under the heading "Amount of Property Insurance" in the Details of Loan. This figure is the amount recommended by the Society’s valuer, as his estimate of the replacement cost of the building at the date of valuation, unless some other amount has been agreed in writing between you and the Society. No warranty is given or implied that the amount of insurance will cover complete loss.
    You are reminded that the market value of your property bears no relationship to the cost of replacement. The amount for which the property is insured should therefore not be less than the cost, at the time of repair or replacement, of rebuilding all the property covered in the same materials, form, style and condition as when it is new. It should also include in complying with the requirements of the Local Authority and in removing debris, etc. The term "property" includes domestic outbuilding, garages, walls, landlords fixtures and fittings, etc., but excludes the value of the land.
    The market value of a house is therefore likely to be less than the cost of rebuilding, especially if the property is elderly. Even if the property is recently built, the work involved in reinstatement will be more expensive than the building cost which can be achieved by a builder building on an estate basis.
Who estimates the initial sum of insurance of your property?
选项
答案The Society’s valuer
解析 根据关键词estimate找到第二段第二句话。可以看出对保险金额的估价是由保险协会的估价师作出的。
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