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There is reinstatement when, instead of paying the insured money, 1 the insurer pays 2 for the replacement or repair of the subject-matter of the insurance. Unless the context otherwise requires, in this chapter reinstatement refers to both replacement of property destroyed and repair of property damaged. 3 Reinstatement is generally an option given to the insurer, rather than the insured, 4 and, except when given by statute, 5 that option is available only if expressly given by the contract of insurance. The purpose is to protect the insurer from excessive claims, to offer him a course that may be more economic than paying insurance money 6 and, especially in cases governed by the statute, to discourage arson and fraud. 7
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