a). Fire Insurance
Here it means the reinstatement of property insured under which the Insured shall in the first instance decide whether he intends reinstating the property, in which case the Insurer will pay for the reinstatement cost, subject to the adequacy of the sum insured.
b). Machinery Insurance
In certain classes such as Machinery Insurance, while the insured is required to insure on a reinstatement value basis the Insurer would in the event of loss, pay for the reinstatement of lost /damaged property subject to the adequacy of the sum insured.
