Functional Replacement Cost definition

Functional Replacement Cost means the cost of replacing damaged insured property with similar property that will perform the same function but may not be identical to the damaged insured property.
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Functional Replacement Cost means the amount which it would cost to repair or replace the damaged building with less costly common construction materi- als and methods which are functionally equivalent to obsolete, antique or custom construction materials and methods used in the original construction of the building.
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Functional Replacement Cost means the cost of replacing damaged covered property with similar property that will perform the same function but may not be identical to the damaged covered property.
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Examples of Functional Replacement Cost in a sentence

  • Functional Replacement Cost means the amount which it would cost to repair or replace the damaged building with less costly common construction materials and methods which are functionally equivalent to obsolete, antique or custom construction materials and methods.

  • The following valuation shall apply for coverages as indicated on the Statement of Values for either Replacement Cost, Functional Replacement Cost or Actual Cash Value.

  • Use Functional Replacement Cost Loss Settlement Endorsement HO 05 30.

  • Use Endorsement H0 05 30 Functional Replacement Cost Loss Settlement 302.

  • Functional Replacement Cost Loss Settlement – Forms DP 00 02 And DP 00 03 Only4.

  • Use Functional Replacement Cost Loss Settlement – North Carolina Endorsement HO 32 50.

  • HO0531AA) – Forms 3 and 5 – Coverage Code 000, FRCThe policy may be endorsed to provide Functional Replacement Cost coverage for the primary residence located on the insured premises.

  • In the matter under consideration, if Functional Replacement Cost is applicable to Clarinet’srecovery, it would be impossible for Clarinet to build a new building prior to Indian Harbor’s paying.

  • A2.13 Functional Replacement Cost (3.0 A) Functional Replacement Cost is the estimated cost required to replace all assets with new assets that perform similar tasks but under optimum current design and layout conditions with capacity requirements not greater than currently available.

  • Use Modified Functional Replacement Cost Loss Settlement Endorsement HO0531.


More Definitions of Functional Replacement Cost

Functional Replacement Cost means the cost to repair or replace available property that most closely duplicates the function of the damaged or replaced property at time of loss. The replacement property may perform additional functions if it is the available property that most closely duplicate the function of the damaged or replaced property.
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Functional Replacement Cost means the cost to repair or replace a building with commonly used and less costly construction materials and methods that are functionally equivalent to obsolete, antique, or custom construction materials and methods used in the original construction of the building.
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Functional Replacement Cost means the cost of replacing or repairing property with items similar to the destroyed property and intended to perform the same function but which may include some technological advancements.
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Functional Replacement Cost means the cost of repairing, replacing, or rebuilding a property to suit the use to which it was being put at the time of the Loss. This valuation applies in lieu of Replacement Cost where a building or structure is being used for a lesser purpose than that for which it was originally designed. This includes, without limitation, buildings used for Storage or maintenance work which were originally designed for full occupancy, such as former office buildings, libraries, school buildings, courthouses, and other buildings whose original use has been abandoned or indefinitely interrupted and/or which include finishes, design features, and heating and air conditioning, plumbing, electrical and similar support systems which are not required, or which are more extensive than required, under applicable building codes or other applicable laws to support the current use. Functional Replacement Cost valuation does not increase the Limits applicable to Vacant or Unoccupied property.
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Related to Functional Replacement Cost

  • Full Replacement Cost as used herein shall mean the actual replacement cost of the Leased Property requiring replacement from time to time including an increased cost of construction endorsement, if available, and the cost of debris removal. In the event either party believes that full replacement cost (the then-replacement cost less such exclusions) has increased or decreased at any time during the Lease Term, it shall have the right to have such full replacement cost re-determined.

  • Replacement Cost means the cost to repair or rebuild the improvements owned by Lessor at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of Applicable Requirements, and without deduction for depreciation.

  • Replacement Costs means the expenditures for obtaining and installing equipment, accessories or appurtenances which are necessary during the useful life of the treatment works to maintain the capacity and performance for which such works were designed and constructed.

  • Equipment Cost means, for each Unit, the purchase price therefor -------------- paid by the Owner Trustee to the Lessee pursuant to Section 2 of the Participation Agreement and as set forth in Schedule 1 to the Participation Agreement with respect to such Unit. Notwithstanding anything to the contrary contained in the Operative Agreements, the Equipment Cost for any Replacement Unit shall be deemed to be the Equipment Cost or deemed Equipment Cost of the Unit replaced by such Replacement Unit.

  • Patient cost means the cost of a medically necessary health care service that is incurred as a result

  • Development Cost means the total of all costs incurred in the completion of a Development excluding Developer Fee, operating deficit reserves, and total land cost as typically shown in the Development Cost line item on the development cost pro forma.

  • Improvement Costs means any additional expenditure on a fixed asset that materially increases the capacity of the asset or materially improves its functioning or represents more than 10% of the initial depreciation base of the asset;

  • Public improvement costs means the costs of:

  • Contractor’s Equipment means all apparatus, machinery, vehicles and other things required for the execution and completion of the Works and the remedying of any defects. However, Contractor’s Equipment excludes Temporary Works, Employer’s Equipment (if any), Plant, Materials and any other things intended to form or forming part of the Equipment.

  • Contract Cost means the Contract Sum plus Price Variation. This cost shall be included in the letter of acceptance.

  • Project Cost means the price payable to Service Provider over the entire period of Agreement (i.e. Rs. <in words>) for the full and proper performance of its contractual obligations.

  • Approved Replacement means, with respect to a Market Quotation, an entity making such Market Quotation, which entity would satisfy conditions (a), (b), (c) and (d) of the definition of Permitted Transfer (as determined by Party B in its sole discretion, acting in a commercially reasonable manner) if such entity were a Transferee, as defined in the definition of Permitted Transfer.

  • Substitute Improvements means the substitute or additional improvements of the Issuer described in Article V hereof.

  • Replacement Sub-Contractor means a sub-contractor of the Replacement Supplier to whom Transferring Supplier Employees will transfer on a Service Transfer Date (or any sub-contractor of any such sub-contractor);

  • Repair or replacement means the restoration of vehicles, vessels, or outboard

  • Routine Patient Costs means all health care services that are otherwise covered under the Group Contract for the treatment of cancer or other Life-threatening Condition that is typically covered for a patient who is not enrolled in an Approved Clinical Trial.

  • Capital Replacement means the replacement of those items listed on Exhibit F.

  • Operating Cost means the costs associated with operating a multifamily development once the project is placed in service.

  • Original Project Cost means the capital expenditure incurred by the Generating Company or the Transmission Licensee, as the case may be, within the original scope of the project up to the cut-off date as admitted by the Commission;

  • Direct Cost means a cost not to exceed the cost of labor, material, travel and other expenditures to the extent the costs are directly incurred to provide the relevant assistance or service. “Direct Cost” to the Acquirer for its use of any of a Respondent’s employees’ labor shall not exceed the average hourly wage rate for such employee;

  • Benchmark Replacement means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

  • Minimum Improvements means the acquisition of land and construction of a 152-unit market rate residential apartment building, construction of a stormwater pond and related improvements. The Minimum Improvements are more fully depicted in Exhibit B, which is attached hereto and incorporated herein.

  • Replacement Equipment means operational equipment or other parts used by Tenant to replace any of the Equipment.

  • Erection, construction, remodeling, repairing means all types of work done on a particular building or work at the site thereof in the construction or development of the project, including without limitation, erecting, construction, remodeling, repairing, altering, painting, and decorating, the transporting of materials and supplies to or from the building or work done by the employees of the Contractor, Subcontractor, or Agent thereof, and the manufacturing or furnishing of

  • Home improvement contractor or "contractor" means a person who sells goods and services, or agrees to furnish or render services, to a retail buyer pursuant to a home improvement installment contract, or sells goods and services to a retail buyer pursuant to a home improvement charge agreement, but not in connection with construction of new homes.

  • Replacement Contractor means any third party service provider appointed by the Authority to supply any services which are substantially similar to any of the Services and which the Authority receives in substitution for any of the Services following the expiry, termination or partial termination of the Contract.