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property with other property: (1) Of comparable material and quality; and (2) Used for the same purpose; or (ii) The amount that you actually spend that is necessary to repair or replace the lost or damaged property. If a building Is rebuilt at a new location, the recoverable amount is limited to the cost which would have been incurred had the building been built at the original premises. (d) The cost to repair, rebuild or replace does not Include the increased cost attributable to enforcement of any ordinance or law regulating the construction, use or repair of any property. (2) If the Declarations indicate the Actual Cash Value applies to Building or Personal Property, Paragraph (1) above does not apply to that property. Instead, we will determine the value of that property at the actual cash value. (3) The following property at actual cash value: (a) Used or second -hand merchandise held In storage or for sale; (b) Property of others. However, if an item(s) of personal property of others is subject to a written contract which governs your liability for loss or damage to that item(s), then valuation of that item(s) will be based on the amount for which you are liable under such contract, but not to exceed the lesser of the replacement cost of the property or the applicable Limit of Insurance; (c) Household contents, except personal property in apartments or rooms furnished by you as landlord; (d) Manuscripts ; (e) Works of art, "antiques" or rare articles, including but not limited to, etchings, pictures, statuary, marbles, bronzes, porcelains, glassware and bric-a-brac; or (0 Commercial Tools and Small Equipment and Contractors Tools and Equipment. This does not apply to your Commercial Tools and Small Equipment permanently installed or exclusively used at the described Hanover Insurance Croup.. OB39898816 1001051 premises. (4) Glass at the cost of replacement with safety glazing material if required by law. (5) Tenants' Improvements and Betterments at: (a) Replacement cost if you make repairs promptly. (b) A proportion of your original cost if you, as the tenant, do not make repairs promptly. We will determine the proportionate value as follows: (i) Multiply the original cost by the number of days from the loss or damage to the expiration of the lease; and (ii) Divide the amount determined in (1) above by the number of days from the installation of improvements to the expiration of the lease. If your lease contains a renewal option, the expiration of the renewal option period will replace the expiration of the lease in this procedure. (c) Nothing if others pay for repairs or replacement. (d) Nothing if you have no lease. (6) Loss or damage to "valuable papers and records" will be valued at the cost of restoration or replacement, including the cost of data entry, reprogramming, computer consultation services and the media on which the data or programs reside. To the extent that the contents of the "valuable papers and records" are not restored, the "valuable papers and records" will be valued at the cost of replacement with blank materials of substantially identical type. (7) "Money" at its face value; and (8) "Securities" at their value at the close of business on the day the loss is discovered. (9) Applicable only to Accounts Receivable: (a) If you cannot accurately establish the amount of accounts receivable outstanding as of the time of loss or damage: (1) We will determine the total of the average monthly amounts of accounts receivable for the 12 391 - 1003 06 09 Includes copyrighted material of Insurance Services Page 39 of 66 17,983 Office, Inc. with its permission