Laserfiche WebLink
(5) Loss Payment <br />actually spend to demolish <br />(a) Loss Payment provisions (b), (c), <br />and clear the site of the <br />(d) and (a) below are subject to <br />described premises. <br />the apportionment procedure set <br />(ii) Loss payment under <br />forth in above Application of <br />Increased Cost of <br />Coverages, paragraph (2)(c). <br />Construction Coverage will be <br />(b) When there is a loss in value of an <br />determined as follows: <br />undamaged portion of the building <br />1) We will not pay for the <br />to which Coverage for Loss to the <br />increased cost of <br />Undamaged Portion of the <br />construction until the <br />Building applies, the loss payment <br />property is actually <br />for that building, including <br />repaired or replaced at <br />damaged and undamaged <br />the same or another <br />portions, will be determined as <br />premises; and <br />follows: <br />2) Unless the repairs or <br />(1) If the property is repaired or <br />replacement is made as <br />replaced on the same or <br />soon as reasonably <br />another premise, we will not <br />possible after the loss or <br />pay more than the lesser of: <br />damage, not to exceed <br />1) The amount you actually <br />two years. We may <br />spend to repair, rebuild or <br />extend this period in <br />reconstruct the building, <br />writing during the two <br />but not for more than the <br />years. <br />amount it would cost to <br />(iii) If the building is repaired or <br />restore the building on the <br />replaced at the same <br />same premises and to the <br />premises, or if you elect to <br />same height, floor area, <br />rebuild at another premises, <br />style and comparable <br />the most we will pay for the <br />quality of the original <br />Increased Cost of <br />property insured; or <br />Construction Coverage is the <br />2) The Limit of Insurance <br />lesser of: <br />shown in the Declarations <br />1) The increased cost of <br />as applicable to the <br />construction at the same <br />covered building. <br />premises; or <br />(ii) If the property is not repaired <br />2) The Limit of Insurance <br />or replaced. We will not pay <br />described in paragraph <br />more than the lesser of: <br />(d) below. <br />1) The actual cash value of <br />(iv) If the ordinance or law <br />the building at the time of <br />requires relocation to another <br />loss; or <br />premise, the most we will pay <br />2) The Limit of Insurance <br />for the increased cost of <br />shown in the Declarations <br />construction is the lesser of: <br />as applicable to the <br />1) The increased cost of <br />covered building. <br />construction at the new <br />(c) The most we will pay for the total <br />premises; or <br />of all covered losses for <br />2) The Limit of Insurance <br />Demolition Cost Coverage and <br />described in paragraph <br />Increased Cost of Construction is <br />(d) below. <br />the Limit of Insurance shown in <br />(d) The most we will pay for the total <br />paragraph (d) below. Subject to <br />of all covered losses for <br />this combined Limit of Insurance, <br />Demolition Cost and Increased <br />the following loss payment <br />Cost of Construction for each <br />provisions apply: <br />building described in the <br />(i) For Demolition Cost <br />Declarations is $5,000 or the <br />Coverage, we will not pay for <br />amount shown in the Additional <br />more than the amount you <br />Property Schedule. If a damaged <br />391-1003 08 16 Includes copyrighted material of Insurance services <br />Office, Inc., with its permission. Page 16 of 81 <br />