Insurance The Buyer shall at all times during the Works keep, or procure to be kept, insured the Property the relevant structures upon it and unfixed goods and materials in connection with the Works: in their full reinstatement cost for the time being against the insured risks; with an insurer of repute approved by the Seller (approval not to be unreasonably withheld or delayed). For the purposes of paragraph 6.1: the insured risks are fire, terrorism, landslip, heave, lightning, explosion, storm, tempest, flood, bursting or overflowing of water tanks, apparatus or pipes, earthquake, aircraft and other aerial devices or articles dropped from them, riot and civil commotion, and such other risks as the Seller may reasonably require to be insured and in each case to the extent that it is possible to insure against such risks with a reputable insurer at a reasonable premium; and the relevant structures are the buildings and structures constructed, in course of construction or standing on the Property but excluding temporary buildings, plant, tools and equipment owned or hired by the Building Contractor. The insurance is to be placed in the names of the Building Contractor, the Buyer and the Seller, and any chargee of this Agreement or the Property, by way of composite cover. The Buyer shall supply the Seller with a copy of the insurance policy and endorsements made to it, and produce documentary evidence of its renewal, including receipts for payments of premiums when reasonably requested by the Seller. If any default is made in insuring or continuing to insure in accordance with this paragraph 6, the Seller may itself insure against any risk in respect of which the default has occurred and the Buyer shall indemnify the Seller within 14 days of demand against the cost so incurred. The Buyer shall cause all Works which are damaged or destroyed to be reinstated with due diligence, and replace or repair any unfixed materials or goods destroyed or damaged, and remove and dispose of any debris and proceed as soon as may be practicable with carrying out and completion of the Works, and shall cause or procure the proceeds of the insurance to be applied towards the costs of reinstatement. If the proceeds of insurance are insufficient to cover the cost of reinstatement, replacement or repair, the Buyer shall make good the deficiency out of its own resources. Practical completion
Insurance The Buyer shall at all times during the Works keep, or procure to be kept, insured the Property the relevant structures upon it and unfixed goods and materials in connection with the Works: in their full reinstatement cost for the time being against the insured risks; with an insurer of repute approved by the Seller (approval not to be unreasonably withheld or delayed). For the purposes of paragraph 6.1: the insured risks are fire, terrorism, landslip, heave, lightning, explosion, storm, tempest, flood, bursting or overflowing of water tanks, apparatus or pipes, earthquake, aircraft and other aerial devices or articles dropped from them, riot and civil commotion, and such other risks as the Seller may reasonably require to be insured and in each case to the extent that it is possible to insure against such risks with a reputable insurer at a reasonable premium; and the relevant structures are the buildings and structures constructed, in course of construction or standing on the Property but excluding temporary buildings, plant, tools and equipment owned or hired by the Building Contractor. The insurance is to be placed in the names of the Building Contractor, the Buyer and the Seller, and any chargee of this Agreement or the Property, by way of composite cover. The Buyer shall supply the Seller with a copy of the insurance policy and endorsements made to it, and produce documentary evidence of its renewal, including receipts for payments of premiums when reasonably requested by the Seller. If any default is made in insuring or continuing to insure in accordance with this paragraph 6, the Seller may itself insure against any risk in respect of which the default has occurred and the Buyer shall indemnify the Seller within 14 days of demand against the cost so incurred. The Buyer shall cause all Works which are damaged or destroyed to be reinstated with due diligence, and replace or repair any unfixed materials or goods destroyed or damaged, and remove and dispose of any debris and proceed as soon as may be practicable with carrying out and completion of the Works, and shall cause or procure the proceeds of the insurance to be applied towards the costs of reinstatement. If the proceeds of insurance are insufficient to cover the cost of reinstatement, replacement or repair, the Buyer shall make good the deficiency out of its own resources. Practical completion