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REPLACEMENT COST ENDORSEMENT CF 04 20 <br />(Ed. 04 77) <br />This endorsement applies only to items) of insurance specified on the first page of this policy or by endorsement as being subject to this Replacement <br />Cost Endorsement. <br />1. In consideration of $1 and the following Coinsurance Clause being made apart of this policy to apply only to the item(s) to which this endorsement <br />applies, which Coinsurance Clause supersedes and replaces the Coinsurance Clause, if any. otherwise applicable to such item(s), the provisions of this <br />policy applicable only to such item(s) are amended to substitute the term "replacement cost" (without deduction for depreciation) for the term "actual cash <br />value" wherever it appears in this policy, subject, however, in all other respects to the provisions of this endorsement and of the policy to which this <br />endorsement is attached. <br />2. THIS ENDORSEMENT SHALL NOT APPLY TO STOCK (RAW, IN PROCESS OR FINISHED) OR MERCHANDISE, INCLUDING MATERIALS AND SUPPLIES IN <br />CONNECTION THEREWITH, PROPERTY OF OTHERS, HOUSEHOLD FURNITURE OR RESIDENTIAL CONTENTS; OR TO MANUSCRIPTS; OR TO PAINTINGS, ETCHINGS, <br />PICTURES, TAPESTRIES, STATUARY, MARBLES, BRONZES, ANTIQUE FURNITURE, RARE BOOKS, ANTIQUE SILVER, PORCELAINS, RARE GLASSWARE AND BRIC-A- <br />BRAC, OR OTHER ARTICLES OF ART, RARITY OR ANTIQUITY. <br />3. THIS COMPANY SHALL NOT BE LIABLE UNDER THIS ENDORSEMENT FOR ANY LOSS— <br />A. OCCASIONED DIRECTLY OR INDIRECTLY BY ENFORCEMENT OF ANY ORDINANCE OR LAW REGULATING THE USE, CONSTRUCTION, REPAIR OR DEMOLITION <br />OF PROPERTY UNLESS SUCH LIABILITY HAS BEEN SPECIFICALLY ASSUMED UNDER THIS POLICY; <br />B. UNLESS AND UNTIL THE DAMAGED OR DESTROYED PROPERTY IS ACTUALLY REPAIRED OR REPLACED BY THE INSURED WITH DUE DILIGENCE AND <br />DISPATCH. <br />4. COINSURANCE CLAUSE: THIS COMPANY SHALL NOT BE LIABLE FOR A GREATER PROPORTION OF ANY LOSS TO THE PROPERTY COVERED THAN THE AMOUNT <br />OF INSURANCE UNDER THIS POLICY FOR SUCH PROPERTY BEARS TO THE AMOUNT PRODUCED BY MULTIPLYING THE REPLACEMENT COST (WITHOUT DEDUCTION <br />FOR DEPRECIATION) OF SUCH PROPERTY AT THE TIME OF THE LOSS BY THE COINSURANCE PERCENTAGE APPLICABLE (SPECIFIED ON THE FIRST PAGE OF THIS <br />POLICY, OR BY ENDORSEMENT), NOR FOR MORE THAN THE PROPORTION WHICH THIS POLICY BEARS TO THE TOTAL INSURANCE THEREON. <br />IN THE EVENT THAT THE AGGREGATE CLAIM FOR ANY LOSS IS BOTH LESS THAN $10,000 AND LESS THAN 5% OF THE TOTAL AMOUNT OF INSURANCE APPLICABLE <br />TO THE PROPERTY INVOLVED AT THE TIME SUCH LOSS OCCURS, NO SPECIAL INVENTORY OR APPRAISEMENT OF THE UNDAMAGED PROPERTY SHALL BE <br />REQUIRED, PROVIDING, THAT NOTHING HEREIN SHALL BE CONSTRUED TO WAIVE APPLICATION OF THE FIRST PARAGRAPH OF THIS CLAUSE. <br />If the coverage under this policy be divided into two or more items, the foregoing shall apply separately to each item to which this endorsement applies. <br />5. THE INSURED MAY ELECT TO MAKE CLAIM UNDER <br />THE FOREGOING COINSURANCE CLAUSE APPLICABLE <br />CLAIM FOR ANY ADDITIONAL LIABILITY BROUGHT ABC <br />IN WRITING WITHIN 180 DAYS AFTER LOSS OF THE IN <br />DISREGARDING THIS ENDORSEMENT, EXCEPT THAT <br />ILL APPLY; AND THE INSURED MAY MAKE FURTHER <br />PROVISIONS, PROVIDED THIS COMPANY IS NOTIFIED <br />S. THIS COMPANY'S LIABILITY FOR LOSS ON A REPLACEMENT COST BASIS SHALL NOT EXCEED THE SMALLEST OF THE FOLLOWING AMOUNTS: <br />A. THE AMOUNT OF THIS POLICY APPLICABLE TO THE DAMAGED OR DESTROYED PROPERTY; <br />B. THE REPLACEMENT COST OF THE PROPERTY OR ANY PART THEREOF IDENTICAL WITH SUCH PROPERTY ON THE SAME PREMISES AND INTENDED FOR THE <br />SAME OCCUPANCY AND USE; OR <br />C. THE AMOUNT ACTUALLY AND NECESSARILY EXPENDED IN REPAIRING OR REPLACING SAID PROPERTY OR ANY PART THEREOF. <br />7. APPORTIONMENT CLAUSE: THIS COMPANY SHALL NOT BE LIABLE UNDER THIS POLICY INCLUDING THIS ENDORSEMENT FOR A GREATER PROPORTION OF ANY <br />LOSS THAN THE AMOUNT OF THIS POLICY APPLYING TO THE PROPERTY TO WHICH THIS ENDORSEMENT APPLIES BEARS TO THE TOTAL AMOUNT OF INSURANCE ON <br />SUCH PROPERTY AGAINST THE PERIL INVOLVED, WHETHER OR NOT SUCH OTHER INSURANCE INCLUDES THE EXTENSION OF COVERAGE PROVIDED UNDER THIS <br />ENDORSEMENT, AND WHETHER SUCH OTHER INSURANCE IS COLLECTIBLE OR NOT. <br />8. If the coverage on property under this policy be divided into two or more items, all of the foregoing shall apply separately to each item to which this <br />endorsement applies. <br />This Endorsement must he attached to Change Endorsementwhen issued after the Policy is written. <br />CF 04 20 (Ed. 04 77) <br />