Common use of Our Option Clause in Contracts

Our Option. If at the time of loss: 1. We give or mail you written notice within a. The damaged property under Coverage A – Dwelling in PROPERTY COVERAGES is insured for Replacement Cost loss settlement as described in your Loss Settlement conditions: (1) We may, at our option, repair any part or item of the damaged Coverage A property with material or property of like kind and quality. (2) If an identical replacement is part of the repair and is not available, we may, at our option, substitute replacement of equal or greater features, functions or capacities of the damaged property. b. The damaged property is insured for Actual Cash Value loss settlement as described in your Loss Settlement conditions: (1) We may, at our option, repair, rebuild or replace any part or item of the damaged property with material or property of like kind and quality. (2) If an identical replacement is not available, we may, at our option, substitute replacement of equal or greater features, functions or capacities of the damaged property. 2. The damaged property, other than 1.a. above, is insured for Replacement Cost loss settlement as described in your Loss Settlement conditions: We will pay the amount of loss, whether or not you repair or replace the damaged property.

Our Option. a. If at the time of loss: 1. We we give or mail you written notice withinwithin 30 days after we receive your signed, sworn proof of loss; and a. (1) The damaged property under Coverage A – Dwelling in SECTION I – PROPERTY COVERAGES is insured for Replacement Cost loss settlement as described in your Loss Settlement conditions: (1a) We may, at our option, repair any part or item of the damaged Coverage A property with material or property of like kind and quality. (2b) If an identical replacement is part of the repair and is not available, we may, at our option, substitute replacement of equal or greater features, functions or capacities of the damaged property. b. The (2) If the damaged property is insured for Actual Cash Value loss settlement as described in your Loss Settlement conditionsSettlement: (1a) We may, at our option, repair, rebuild or replace any part or item of the damaged property with material or property of like kind and quality. (2b) If an identical replacement is not available, we may, at our option, substitute replacement of equal or greater features, functions or capacities of the damaged property. 2. b. The damaged property, other than 1.a. a.(1) above, is insured for Replacement Cost loss settlement as described in your Loss Settlement conditions: We will pay the amount of loss, whether or not you repair or replace the damaged property.