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POLICY NUMBER: HTB -003337-000 <br />INTERLINE <br />IL 01 02 05 05 <br />THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. <br />CALIFORNIA CHANGES - ACTUAL CASH VALUE <br />This endorsement modifies insurance provided under the following: <br />CAPITAL ASSETS PROGRAM (OUTPUT POLICY) COVERAGE PART <br />COMMERCIAL INLAND MARINE COVERAGE PART <br />COMMERCIAL PROPERTY COVERAGE PART <br />FARM COVERAGE PART <br />STANDARD PROPERTY POLICY <br />With respect to an 'open policy", the following are added <br />to any provision which uses the term actual cash value: <br />A. In the event of a total loss to a building or structure, <br />actual cash value is calculated as the lesser of the <br />following: <br />1. The Limit of Insurance applicable to that building <br />or structure; or <br />2. The fair market value of the building or structure. <br />B. In the event of a partial loss to a building or structure, <br />actual cash value is calculated as the lesser of the <br />following: <br />1. The amount it would cost to repair, rebuild or <br />replace the property less a fair and reasonable <br />deduction for physical depreciation of the <br />components of the building or structure that are <br />normally subject to repair or replacement during <br />its useful life. Physical depreciation is based upon <br />the condition of the property at the time of the <br />loss; or <br />2. The Limit of Insurance applicable to the property. <br />C. In the event of a partial or total loss to Covered <br />Property other than a building or structure, actual <br />cash value is calculated as the lesser of the following: <br />1. The amount it would cost to repair or replace the <br />property less a fair and reasonable deduction for <br />physical depreciation, based on the condition of <br />the property at the time of loss; or <br />2. The Limit of Insurance applicable to the property <br />D. An 'open policy" is a policy under which the value of <br />Covered Property is not fixed at policy inception, but <br />is determined at the time of loss in accordance with <br />policy provisions on valuation. The term 'open policy" <br />does not apply to Covered Property that is subject to <br />an Agreed Value clause or similar clause that <br />establishes an agreed value prior to loss, unless such <br />clause has expired. <br />IL 0102 05 05 © ISO Properties, Inc., 2005 Page 1 of 1 <br />