DEFUNCT SPARES – IAR, MB

Risks : IAR, MB “It is noted and agreed that in the event of spares currently insured hereunder and represented within the total sum insured under the policy becoming obsolete following an indemnifiable loss to the unit and/or units to which they belong, such spares shall also be deemed a construction total loss. Provided always that such spares can not be used as spares for any other units within the premises of the insured. Insurers retain salvage rights over such spares”