Common use of Our Option Clause in Contracts

Our Option. If we give you written notice within 30 days after we receive your signed, sworn proof of loss: a. For losses settled on an “actual cash value” basis, we may repair or replace any part of the damaged property with material or property of like kind and quality; b. For losses covered under COVERAGE A - Dwelling, insured for Replacement Cost Loss Settlement as outlined in SECTION I – CONDITIONS, item 3, Loss Settlement, we may repair the damaged property; c. For all other losses insured on a replacement cost basis, the replacement cost will be paid, whether or not you repair or replace the damaged property.

Our Option. If we give you written notice within 30 days after we receive your signed, sworn proof of loss: a. For losses settled on an “actual cash value” basis, we may repair or replace any part of the damaged property with material or property of like kind and quality; b. For losses covered under COVERAGE A - Dwelling, insured for Replacement Cost Loss Settlement as outlined in SECTION I – CONDITIONS, item 3, Loss Settlement, we may repair the damaged property;property with material of like kind and quality without deduction for depreciation. c. For all other losses insured on a replacement cost basis, the replacement cost will be paid, whether or not you repair or replace the damaged property.