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(iti)The unavailability of contractors b. In the event of a partial or total loss to to perform the necessary work. Covered Property other than a building or The foregoing provisions do not structure, actual cash value is calculated constitute a waiver of our right to deny as the lesser of the following: the claim for any valid reason or to (1) The amount it would cost to repair or restrict payment in cases of suspected replace the property less a fair and fraud. reasonable deduction for physical 2. The following provision is added: depreciation, based on the condition of the property at the time of loss; or Provision Applicable to California (2) The Limit of Insurance applicable to Actual cash value is determined as follows: the property. a. In the event of a partial or total loss to a I. With respect to this endorsement, the following building or structure, actual cash value is definition is added to Section G. PROPERTY calculated as shown below, whichever is DEFINITIONS less: (1) The amount it would cost to repair, "Open Policy" means a policy under which the rebuild or replace the property less a value of Covered Property is not fixed at fair and reasonable deduction for policy inception, but is determined at the time physical depreciation of the of loss in accordance with policy provisions components of the building or on valuation. The term 'open policy" does structure that are normally subject to not apply to Covered Property that is subject repair or replacement during its useful to an Agreed Value clause or similar clause life. Physical depreciation is based that establishes an agreed value prior to loss, upon the condition of the property at unless such clause has expired. the time of the loss; or (2) The limit of Insurance applicable to the property. Page 5 of 5 Form SS 01 21 02 20