Common use of Loss Payment Options Clause in Contracts

Loss Payment Options. a. Our Options -- In the event of loss covered by this coverage form, "we" have the following options: 1) pay the value of the lost or damaged property; 2) pay the cost of repairing or replacing the lost or damaged property; 3) rebuild, repair, or replace the property with other property of equivalent kind and quality, to the extent practicable, within a reasonable time; or 4) take all or any part of the property at the agreed or appraised value. b. Notice Of Our Intent To Rebuild, Repair, Or Replace -- "We" must give "you" notice of "our" intent to rebuild, repair, or replace within 30 days after receipt of a duly executed proof of loss.