Examples of Period of restoration in a sentence
An example list of values is provided below:• Replacement cost• Actual cash value = replacement cost – depreciation• Period of restoration (if applicable)• Demolition costs• Code upgrades or ordinance order (if applicable in the policy)• Profit and overhead fees if not built into the replacement cost structureOnce the appraisers are agreed upon, a “declaration of appraisers” form should be com- pleted.
Period of restoration means the period of time that, for extra expense , begins immediately after the time of direct physical loss or damage by a covered peril to property.
Notwithstanding Exclusion 22 of the policy the Insurer agrees that if during the Period of insurance the Insured suffers a reduction in Business profit as a result of the actions of a Hacker causing a total or partial interruption, degradation in service, or collapse of the Insured’s Computer systems the Insurer will indemnify the Insured for said reduction in Business profit and Increased costs of working incurred by the Insured during the Period of restoration.
Period of restoration does not include any increased period required due to the enforcement of any ordinance or law that requires any insured or others to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize, or in any way respond to, or assess the effects of “pollutants.” The expiration date of this policy will not cut short the period of restoration.
Period of restoration typically runs from the date of loss and ends when repairs to covered property have been completed.