Definition of Functional Replacement Cost


Functional Replacement Cost means the cost of replacing damaged property with similar property that will perform the same function but may not be identical to the damaged property.
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Examples of Functional Replacement Cost in a sentence

Earthquake $ 25,000 Flood $ 25,000 Replacement Cost Functional Replacement Cost for Personal Property General Liability: General Aggregate Limit $ 2,000,000 Products-Completed Operations Aggregate $ 2,000,000 Personal & Advertising Injury Limit $ 1,000,000 Each Occurrence Limit $ 1,000,000 Damage to Rented Premises Included in Occ.