Replacement Cost Basis definition
Examples of Replacement Cost Basis in a sentence
Policies covering buildings shall be written on a Guaranteed Replacement Cost Basis with coverage included for Building Ordinance, Flood and Earthquake.
Coverage shall be provided on a Guaranteed Replacement Cost Basis.
It is acknowledged that: (1) such coverage for “production related equipment” is based on Replacement Cost Basis; and (2) non-production related assets (such as buildings, facilities, and other non-production equipment) are insured under Actual Cash Value and such coverage is subject to monthly adjustment depending on the actual cash value.
During the initial construction of the Building, Landlord shall maintain, with such deductible as Landlord in its sole judgment determines advisable, insurance on the "Builders All-Risk" or equivalent form on a Replacement Cost Basis against loss or damage to the Building.
All Business Income Values, Replacement Cost Basis, Recoveries, and payments, excluding proceeds from subrogation and underlying insurance recovered or received prior to a loss settlement under this policy, shall reduce the loss accordingly.
Landlord shall maintain at all times during the Term of this Lease, with such deductible as Landlord in its sole judgment determines advisable, insurance on the “Special Form” or equivalent form on a Replacement Cost Basis against loss or damage to the Building.
Landlord will maintain commercial general liability insurance with limits at least equal to the amount as Tenant is required to maintain pursuant to Section 10(a), commercial property insurance on the “Special Form” or equivalent form on a Replacement Cost Basis against loss or damage to the Building, and such other insurance in such amounts and covering such liability or hazards as deemed appropriate by Landlord in its sole discretion.
If the Insured does not elect to exercise Replacement Cost Basis of Claim Settlement or if any applicable condition is breached, Actual Cash Value Settlement shall apply.