Reinstatement value conditions

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Where an insurance policy included reinstatement value conditions and the insured had taken immediate steps to comply with the reinstatement conditions, the insured could rely on the clause as long as the insured was genuinely desirous of restarting the business but was unable to do so because of the insurer’s unjustifiable decision not to indemnify…

An insurer’s obligation to indemnify the insured does not arise until the insurer has elected whether to indemnify in money or by reinstatement. The election must be made within a reasonable time.

Mutual & Federal concluded an insurance contract with the liquidators of Expectio Properties and agreed to indemnify the insured for damage to the…