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relating to this insurance or the claim, (b) We will not pay on a replacement including an insured's books and records. cost basis for any loss or damage: In the event of an examination, an (1) Until the loss or damaged insured's answers must be signed. property is actually repaired or 4. Legal Action Against Us replaced; No one may bring a legal action against us (ii) Unless the repairs or under this insurance unless: replacement are made as a. There has been full compliance with all of soon as reasonably possible the terms of this insurance; and after the loss or damage; and b. The action is brought within 2 years after (it!) Unless the repairs or the date on which the direct physical loss replacement are completed or damage occurred. The 2 year limitation within 24 months for personal also applies to indirect or consequential property or for buildings and loss covered under this Coverage Form. other real property after the loss or damage, unless 5. Loss Payment extended in writing by us. In the event of loss or damage covered by this However, if the cost to repair or Coverage Form: replace a damaged building is a. At our option, we will either: $2,500 or less we will determine (1) Pay the value of lost or damaged the value at replacement cost property; without deduction for depreciation. (2) Pay the cost of repairing or replacing (c) We will not pay more for loss or the lost or damaged property; damage on a replacement cost basis than the least of the (3) Take all or any part of the property at following amounts: an agreed or appraised value; or (1) The cost to replace, on the (4) Repair, rebuild or replace the property same premises, the lost or with other property of like kind and damaged property with other quality, subject to paragraph d., property: p y subparagraph (1)(d) below. 1 1) Of comparable material b. We will give notice of our intentions within and quality; and 30 days after we receive the sworn proof of loss. 2) Used for the same c. We will not pay you more than your purpose; or financial interest in the Covered Property. (ii) The amount that you actually d. We will determine the value of Covered spend that is necessary to repair or replace the lost or Property as follows: damaged property. (1) At replacement cost without deduction If a building is rebuilt at a new for depreciation except as provided in location, the recoverable amount paragraphs (2), (3), (4), (5), (6), (7), is limited to the cost which would (8), (9), (10), (11), (12), (13), (14), (15) have been incurred had the and (16) below. building been built at the original (a) You may make a claim for loss or premises. damage covered by this insurance (d) The cost to repair, rebuild or on an actual cash value basis replace does not include the instead of a replacement cost increased cost attributable to basis. In the event you elect to enforcement of any ordinance or have loss or damage settled on an law regulating the construction, actual cash value basis, you may use or repair of any property. still make a claim on a replacement cost basis if you (2) If the Declarations indicate the Actual notify us of your intent to do so Cash Value applies to Building or within 180 days after the loss or Personal Property, paragraph (1) damage, above does not apply to that property. Instead, we will determine the value of that property at the actual cash value. 391-1003 08 16 Includes copyrighted material of Insurance Services Office, Inc., with Its permission. Page 48 of 81