58.1  Application of Insurance Proceeds

Subject to clause 58A (Economic Test) all insurance proceeds received under any policy referred to in paragraph 1 of Parts 1 and 2 of Schedule 11 (the Physical Damage Policies)283 shall be applied to repair, reinstate, replace each part or parts of the Properties and Assets in respect of which such proceeds were received.

__________________________________________________________________________________________

283  This will not include, for example, third party liability, employer's liability, business interruption or advance loss of profits insurance.