insurance with many companies who are able to provide the cover which 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 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 a change of
insurance company at any time during the life of the mortgage. If your mortgage
is under the endowment (损赠) 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 (估价者), 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 guarantee 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 property is
insured therefore represent not 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 any
architects, surveyors and legal fees which may be payable, and any costs which
may be incurred in complying with the requirements of the Local authority and |
