61Insurance money from burnt building

61 Insurance money from burnt building (1) If a building is destroyed or damaged by fire, a person who has granted a policy of insurance for insuring it against fire: (a) may; or (b) if requested by a person interested in or entitled to the building, must, cause the money for which the building is insured to be laid out and expended to the extent that its value will go towards rebuilding, reinstating or repairing the building. (2) Subsection (1) does not apply if: (a) the person claiming the insurance money gives, within 30 days after the person's claim is adjusted, sufficient security to the person who has granted the policy that the insurance money will be laid out and expended in accordance with subsection (1); or (b) the insurance money is, within the 30 day period referred to in paragraph (a), settled and disposed of to and amongst the contending parties to the satisfaction and approbation of the person who has granted the policy of insurance. Law of Property Act 2000 36