Buildings under Coverage A or B Clause Samples

Buildings under Coverage A or B. (1) If you repair or replace the loss or damage to restore the building structure for the same occupancy and use at the same site within 180 days of the date of loss or dam- age, we will pay the lesser of the following amounts: (a) The limit of liability that applies to the damaged or destroyed building struc- ture; or (b) The necessary amount actually spent to repair or replace the loss or damage to the building structure but no more than the cost of using common construction materials and methods where function- ally equivalent to and less costly than obsolete, antique or custom construction materials and methods. (2) If you do not make claim under Paragraph (1) above, we will pay the least of the fol- lowing amounts: (a) The limit of liability that applies to the damaged or destroyed building struc- ture; (b) The market value at the time of loss of the damaged or destroyed building structure exclusive of land value; or (c) The amount which it would cost to repair or replace that part of the building struc- ture damaged or destroyed with material of like kind and quality less allowance for physical deterioration and deprecia- tion.