Cost of Reproduction New definition

Cost of Reproduction New means the estimated amount required to reproduce the entire property at one time, in like kind and materials, in accordance with current market prices for materials, labor, manufactured equipment, contractor’s overhead and profit, and fees, but without provision for overtime, bonuses for labor, and premiums for materials or equipment. Cost of Reproduction New, as defined, is synonymous with the insurance industry term “Replacement Cost.”
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Examples of Cost of Reproduction New in a sentence

  • A report of updated insurable values will include a new appraisal summary reflecting the current Cost of Reproduction New and Sound Insurable Value of the buildings and equipment.

  • A report of updated insurable values will include a new appraisal summary reflecting the current Cost of Reproduction New and Sound Insurable Value of the equipment.

  • Adjustments are then made to reflect depreciation resulting from physical deterioration, functional and economic obsolescence based on personal inspection of improvements and comparison with similar new properties.In estimating the Cost of Reproduction, New, of the improvements, the valuer used the Modified Quantity Survey Method.

  • July 9, 2001 APPROVES the amounts of P2,041,020,328.73 as the Sound Value and P3,797,133,297.77 as Cost of Reproduction New of the properties and equipment in service by Dalight as of April 3, 1995 DECIDED Decision dtd.

  • Under this approach, an estimate is made of the current Cost of Reproduction, New, of the improvements in accordance with prevailing market prices for materials, labor, and contractor’s overhead, profit, and fees.

Related to Cost of Reproduction New

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