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IL01020505 <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 2. The Limit of Insurance applicable to the <br />added to any provision which uses the term actual property. <br />cash value: C. In the event of a partial or total loss to Covered <br />A. In the event of a total loss to a building or Property other than a building or structure, ac- <br />structure, actual cash value is calculated as the tual cash value is calculated as the lesser of <br />lesser of the following: the following: <br />1. The Limit of Insurance applicable to that <br />building or structure; or <br />2. The fair market value of the building or <br />structure. <br />B. In the event of a partial loss to a building or <br />structure, actual cash value is calculated as the <br />lesser of the following: <br />1. The amount it would cost to repair, rebuild <br />or replace the property less a fair and rea- <br />sonable deduction for physical depreciation <br />of the components of the building or struc- <br />ture that are normally subject to repair or <br />replacement during its useful life. Physical <br />depreciation is based upon the condition of <br />the property at the time of the loss; or <br />1. The amount it would cost to repair or re- <br />place the property less a fair and reason- <br />able deduction for physical depreciation, <br />based on the condition of the property at <br />the time of loss; or <br />2. The Limit of Insurance applicable to the <br />property. <br />D. An "open policy" is a policy under which the <br />value of Covered Property is not fixed at policy <br />inception, but is determined at the time of loss <br />in accordance with policy provisions on valua- <br />tion. The term "open policy" does not apply to <br />Covered Property that is subject to an Agreed <br />Value clause or similar clause that establishes <br />an agreed value prior to loss, unless such <br />clause has expired. <br />IL 01 02 05 05 Copyright, ISO Properties, Inc., 2005 <br />�oRaN <br />} z <br />a <br />RAMmWmentDMsian <br />REVIEWED & APPROVED BY: <br />p R. vj&wd <br />Risk Management Analyst <br />