Replacement Cost Terms Sample Clauses
Replacement Cost Terms a. The Replacement Cost Terms apply only to buildings covered under Coverages A and B that have a permanent foundation and roof. They do not apply to:
1) mobile homes whether or not on a permanent foundation;
2) window air-conditioners;
3) awnings and canopies;
4) antennas;
5) appliances;
6) carpets;
7) window coverings; and
8) tenant's improvements
b. In determining the replacement cost, do not include the cost of:
1) excavations;
2) brick, stone, or concrete foundations;
3) piers and other supports which are below the surface of the ground inside the foundation walls; and
4) underground flues, pipes, wiring, and drains.
c. When the cost to repair or replace exceeds the lesser of $2,500 or five percent of the limit on the damaged building, we do not pay for more than the actual cash value of the loss until repair or replacement is completed. You may make a claim for the actual cash value of the loss before repairs are made. A claim for an additional amount payable under these terms must be made within 180 days after the loss.
d. If the limit on the damaged building is less than 80 percent of its replacement cost at the time of loss, the larger of the following amounts is used in applying the Loss Settlement Terms:
1) the actual cash value at the time of the loss; or
2) that part of the replacement cost of the damaged part which our limit on the building bears to 80 percent of the full current replacement cost of the building.
e. If the limit on the damaged building is at least 80 percent of its replacement cost at the time of loss, the smaller of the following amounts is used in applying the Loss Settlement Terms:
1) the cost to repair or replace the damage on the same premises using materials of like kind and quality, to the extent practical; or
2) the amount spent to repair or replace the damage.
Replacement Cost Terms a) The Replacement Cost Terms apply only to property covered under Coverage A.
b) If the damage is repaired or replaced within a reasonable time, the amount used in applying the “terms” under Our Limit is the actual cost to repair or replace the damage.
c) If the damage is not repaired or replaced within a reasonable time, the smaller of the following amounts is used in applying the “terms” under Our Limit:
(1) the cost to repair or replace the damaged part of the property with materials of like kind and quality, to the extent practical; or
(2) the “actual cash value” of the damaged part of the property just before the loss.
Replacement Cost Terms a) The Replacement Cost Terms apply only to buildings covered under Coverage A and Coverage B that have a permanent foundation and roof. However, Replacement Cost Terms do not apply to:
(1) window air conditioners;
(2) awnings and canopies;
(3) appliances;
(4) carpets; or
(5) antennas; whether or not attached to a building.
b) If the “limit” that applies to the damaged building at the time of loss is less than 80% of its full replacement cost just before the loss, the larger of the following amounts is used in applying the “terms” under Our Limit:
(1) the “actual cash value” of the damaged part of the building just before the loss; or
(2) that part of the cost to repair or replace the damaged part, after application of any deductible, which the “limit” on the damaged building bears to 80% of its full replacement cost just before the loss.
c) If the “limit” that applies to the damaged building at the time of loss is at least 80% of its full replacement cost just before the loss, the smaller of the following amounts is used in applying the “terms” under Our Limit:
(1) the amount actually and necessarily spent to repair or replace the damaged building; or
(2) the cost to repair or replace the damage:
(a) using materials of like kind and quality; and
(b) for like use. However, when a damaged building is rebuilt at another location, such cost is limited to the cost that would have been incurred if the building had been repaired or replaced at the location where the damage occurred.
d) In determining the replacement cost, do not include the cost of:
(1) excavations; brick, stone, or concrete foundations; piers; footings; or other structures or features that support all or part of the building that are:
(a) below the undersurface of the lowest basement floor; or
(b) below the surface of the ground inside the foundation walls, if there is no basement; and
(2) underground flues, pipes, wiring, or drains.
e) When the cost to repair or replace exceeds the lesser of $2,500 or 5% of the “limit” that applies to the damaged building, “we” will pay no more than the “actual cash value” of the loss until repair or replacement is completed. Once repair or replacement is completed, “we” will settle the loss as described in b) and c) above.
Replacement Cost Terms a) The Replacement Cost Terms apply only to buildings covered under Coverage A and Coverage B that have a permanent foundation and roof. However, Replacement Cost Terms do not apply to: