|
Replacement Value Endorsement for Coverage C - Personal Property
"What is the Replacement Value Endorsement for Coverage C - Personal
Property" (form ML- 55, edition 6/99)
For an additional premium, we provide
coverage under this endorsement subject to the terms contained
in the General Policy Provisions.
We agree to extend Coverage C to cover the
replacement value of covered personal property.
1. Definition-Replacement value
means the cost to repair or replace the property with new property of equivalent kind and
quality to the extent practicable, without deduction for depreciation.
2. Personal Property Not Covered for Replacement
Value - This endorsement does not apply to the following property:
Business property
Property not owned by an insured
Film, tapes, cassettes, records, magnetic
recordings , or similar property
Articles of art or rarity that cannot be
duplicated
Property covered by any scheduled insurance
Property which by its inherent nature
cannot be replaced
Property not maintained in good or workable
condition
Property not being used by the insured
Items whose age or history contribute
substantially to their value. This includes, but is not limited to, memorabilia, souvenirs
and collectors items.
On the above items (a-i), the actual cash
value provisions of the policy
apply.
3. Our Limit of
Liability - We pay the lesser of the following amounts for each
covered item:
The applicable limit of liability
An amount not greater than your
interest in the property
The replacement value
of the property as defined in this endorsement
Four times the actual cash value of the
property at the time of loss
The amount computed after applying the
deductible or other limitation applying to the loss
The full cost of repair
4. When the full cost of repair or
replacement is more than $500, we will not be liable for any
loss under this endorsement unless and until actual repairs or replacement is completed by
or for the insured. You may disregard
this endorsement in making claim under this policy and then make claim within 180 days
after loss for any additional liability brought about by this endorsement.
|
Policy
Coverage
