Limited Replacement Cost Loss Settlement Sample Clauses
Limited Replacement Cost Loss Settlement. We will pay the cost to repair or replace property covered under SECTION I – PROPERTY COVERAGES, COVERAGE B – PERSONAL PROPERTY, except for property listed in item b. below, subject to the following:
Limited Replacement Cost Loss Settlement a. We will pay the cost to repair or replace property covered under SECTION I – PROPERTY COVERAGES, COVERAGE B – PERSONAL PROPERTY, except for property listed in item b. below, subject to the following:
(1) until repair or replacement is completed, we will pay only the actual cash value at the time of loss of the damaged property;
(2) after repair or replacement is completed, we will pay the difference between the actual cash value at the time of loss and the cost you have actually and necessarily spent to repair or replace the property; and
(3) to receive any additional payments on a re- placement cost basis, you must complete the repair or replacement:
(a) within 24 months from the date that we make the first payment toward the actual cash value of the property, or
(b) within 36 months from the date that we make the first payment toward the actual cash value of the property, if the loss relates to a state of emer- gency as defined in Section 8558 of the Government Code.
b. We will pay market value at the time of loss for:
(1) antiques, fine arts, paintings, statuary, and similar articles which by their inherent na- ture cannot be replaced with new articles;
(2) articles whose age or history contribute sub- stantially to their value including, but not limited to, memorabilia, souvenirs, and col- lectors items; and
(3) property not useful for its intended purpose. However, we will not pay an amount exceeding the smallest of the following for items a. and b. above:
(1) our cost to replace at the time of loss;
(2) the full cost of repair;
(3) any special limit of liability described in this policy; or
(4) any applicable Coverage B limit of liability.
Limited Replacement Cost Loss Settlement a. We will pay the cost to repair or replace property covered under SECTION I – PROPERTY COV- ERAGES, COVERAGE B – PERSONAL PROPERTY, except for property listed in item b. below, subject to the following:
(1) until repair or replacement is completed, we will pay only the actual cash value of the damaged property;
(2) after repair or replacement is completed, we will pay the difference between the ac- tual cash value and the cost you have ac- tually and necessarily spent to repair or replace the property; and
(3) if property is not repaired or replaced within two years after the date of loss, we will pay only the actual cash value.
b. We will pay market value at the time of loss for:
(1) antiques, fine arts, paintings, statuary, and similar articles which by their inherent nature cannot be replaced with new articles; and
(2) articles whose age or history contribute sub- stantially to their value including, but not limited to, memorabilia, souvenirs, and col- lectors items.
Limited Replacement Cost Loss Settlement a. We will pay the cost to repair or replace property covered under SECTION I – PROPERTY COV- ERAGES, COVERAGE B – PERSONAL PROPERTY, except for property listed in item b. below, subject to the following:
(1) until repair or replacement is completed, we will pay only the actual cash value at the time of loss of the damaged property;
(2) after repair or replacement is completed, we will pay the difference between the ac- tual cash value at the time of loss and the cost you have actually and necessarily spent to repair or replace the property; and
(3) to receive any additional payments on a re- placement cost basis, you must complete the repair or replacement:
Limited Replacement Cost Loss Settlement a. We will pay the cost to repair or replace property covered under SECTION I – PROPERTY COV- ERAGES, COVERAGE B – PERSONAL PROPERTY, except for property listed in item b. below, subject to the following:
(1) until repair or replacement is completed, we will pay only the actual cash value of the damaged property;
(2) after repair or replacement is completed, we will pay the difference between the ac- tual cash value and the cost you have ac- tually and necessarily spent to repair or replace the property; and
(3) if property is not repaired or replaced within two years after the date of loss, we will pay only the actual cash value.
b. We will pay market value at the time of loss for:
(1) antiques, fine arts, paintings, statuary, and similar articles which by their inherent na- ture cannot be replaced with new articles;
(2) articles whose age or history contribute sub- stantially to their value including, but not limited to, memorabilia, souvenirs, and col- lectors items; and
(3) property not useful for its intended purpose. However, we will not pay an amount exceeding the smallest of the following for items a. and b. above:
(1) our cost to replace at the time of loss;
(2) the full cost of repair;
(3) any special limit of liability described in this policy; or
(4) any applicable Coverage B limit of liability.
Limited Replacement Cost Loss Settlement a. We will pay the cost to repair or replace property covered under SECTION I – PROPERTY COVERAGES, COVERAGE B – PERSONAL PROPERTY, except for property listed in item b. below, subject to the following:
(1) until repair or replacement is completed, we will pay only the actual cash value of the damaged property;
(2) after repair or replacement is completed, we will pay the difference between the actual cash value and the cost you have actually and necessarily spent to repair or replace the property; and
(3) if property is not repaired or replaced within two years after the date of loss, we will pay only the actual cash value.
b. We will pay market value at the time of loss for:
(1) antiques, fine arts, paintings, statuary, and similar articles which by their inherent nature cannot be replaced with new articles; and
(2) articles whose age or history contribute sub- stantially to their value including, but not limited to, memorabilia, souvenirs, and col- lectors items.