Functional Replacement Cost definition
Functional Replacement Cost means the cost of replacing damaged insured property with similar property that will perform the same function but may not be identical to the damaged insured property.
Functional Replacement Cost means the amount which it would cost to repair or replace the damaged building with less costly common construction materi- als and methods which are functionally equivalent to obsolete, antique or custom construction materials and methods used in the original construction of the building.
Functional Replacement Cost means the cost of replacing damaged covered property with similar property that will perform the same function but may not be identical to the damaged covered property.
More Definitions of Functional Replacement Cost
Functional Replacement Cost means the cost to repair or replace available property that most closely duplicates the function of the damaged or replaced property at time of loss. The replacement property may perform additional functions if it is the available property that most closely duplicate the function of the damaged or replaced property.
Functional Replacement Cost means the cost of replacing or repairing property with items similar to the destroyed property and intended to perform the same function but which may include some technological advancements.
Functional Replacement Cost means the cost of repairing, replacing, or rebuilding a property to suit the use to which it was being put at the time of the Loss. This valuation applies in lieu of Replacement Cost where a building or structure is being used for a lesser purpose than that for which it was originally designed. This includes, without limitation, buildings used for Storage or maintenance work which were originally designed for full occupancy, such as former office buildings, libraries, school buildings, courthouses, and other buildings whose original use has been abandoned or indefinitely interrupted and/or which include finishes, design features, and heating and air conditioning, plumbing, electrical and similar support systems which are not required, or which are more extensive than required, under applicable building codes or other applicable laws to support the current use. Functional Replacement Cost valuation does not increase the Limits applicable to Vacant or Unoccupied property.
Functional Replacement Cost means the cost to repair or replace a building with commonly used and less costly construction materials and methods that are functionally equivalent to obsolete, antique, or custom construction materials and methods used in the original construction of the building.