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Insuring Agreement

In consideration of the Insured named in the Schedule hereto paying to

Paofoong Insurance Company (Hong Kong) Limited (hereinafter called the

Company) the Premium mentioned in the Schedule, the Company agrees

(subject to the terms, exceptions and conditions contained herein or

endorsed or otherwise expressed hereon which shall so far as the nature of

them respectively will permit be deemed to be conditions precedent to the

rights of the Insured to recover hereunder) that if the Property Insured at the

Situation described in the Schedule or any part thereof shall suffer any loss,

destruction or damage (hereinafter referred to as "Damage") caused by fire

or by lightning or by explosion of boilers or gas used for domestic purposes

only or by any Extra Peril specified in the Schedule at any time during the

Period of Insurance or of any subsequent period in respect of which the

Insured shall have paid and the Company shall have accepted the premium

required for the renewal of this Policy, the Company will pay to the Insured

the value of the Property Insured at the time of the happening of its loss or

destruction or the amount of such damage or at the Company's option

reinstate or replace such Property or any part thereof.

Provided that the liability of the Company shall in no case exceed:

1. in the whole the Total Sum Insured or in respect of any item its Sum

Insured at the time of the Damage; or

2. if any other Damage shall have occurred during the same period of

insurance the Sum Insured remaining after payment for such Damage

unless the Company shall have agreed to reinstate any such Sum Insured.