64.1

64.1  All insurance proceeds received under any policy referred to in paragraph 1 of Part 1 and paragraph 1 of Part 2 of Schedule 14 (Insurances) (the Physical Damage Policies)203 shall be applied to repair, reinstate, replace each part or parts of the Assets in respect of which such proceeds were received.  

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