Replacement Cost Loss Settlement – Common Construction Sample Clauses

Replacement Cost Loss Settlement – Common Construction a. We will pay the cost to repair or replace with common construction and for the same use on the premises shown in the Declarations, the damaged part of the property covered under SECTION I – PROPERTY COVERAGES, COVERAGE A – DWELLING, except for wood fences, subject to the following: (1) we will pay only for repair or replacement of the damaged part of the property with common construction techniques and ma- terials commonly used by the building trades in standard new construction. We will not pay the cost to repair or replace obsolete, antique, or custom construction with like kind and quality; (2) until actual repair or replacement is com- pleted, we will pay only the actual cash value of the damaged part of the property, up to the applicable limit of liability shown in the Declarations, not to exceed the cost to repair or replace the damaged part of the property as described in a.(1) above; (3) when the repair or replacement is actually completed as described in a.(1) above, we will pay the covered additional amount you actually and necessarily spend to re- pair or replace the damaged part of the property, or an amount up to the applica- ble limit of liability shown in the Declara- tions, whichever is less; (4) to receive any additional payments on a replacement cost basis, you must com- plete the actual repair or replacement of the damaged part of the property within two years after the date of loss, and notify us within 30 days after the work has been completed; and (5) we will not pay for increased costs result- ing from enforcement of any ordinance or law regulating the construction, repair, or demolition of a building structure or other structure, except as provided under OP- TIONAL POLICY PROVISIONS, Option OL – Building Ordinance or Law.
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