ABSTRACT
The landlord may expressly covenant to rebuild the whole or any part of the demised premises destroyed by fire or other insured event. To enable the cost of the necessary work to be met, the landlord may covenant to insure the whole of the premises to their full reinstatement or replacement value or some other equivalent against fire and other insurable risks. The principles respecting insurance and reinstatement seem to apply with equal force as between freeholders and long leaseholders and their mortgagees as they do between landlord and tenant. Insurance policies may provide for various bases of insurance, such as "full market value", or for "full reinstatement cost" or "full reinstatement value" or the "full value" of the building or premises. The general principle of such formulae seems to be to provide the landlord with sufficient hinds from the insurance policy to enable him to rebuild the premises at the costs prevailing at the time of the insured event.
