Laserfiche WebLink
THE <br />HARTFORD <br />(i) The cost to replace, on the same premises, the lost or damaged property with other property of <br />comparable material and quality and which is used for the same purpose; or <br />(ii) The amount you actually spend that is necessary to repair or replace the lost or damaged <br />property. <br />(2) If the Actual Cash Value - Buildings option applies, as shown in the Declarations, Paragraph (1) above <br />does not apply to Buildings. Instead, we will determine the value of Buildings at actual cash value. <br />(3) The following property at actual cash value: <br />(a) Manuscripts; <br />(b) Works of art, antiques or rare articles, including etchings, pictures, statuary, objects of marble, <br />bronzes, porcelains and bric-a-brac; <br />(c) Household contents, except personal property in apartments or rooms furnished by you as landlord; <br />(d) Used or secondhand merchandise held in storage or for sale; and <br />(e) Property of others. However, if an item(s) of personal property of others is subject to a written <br />contract which governs your liability for loss or damage to that item(s), then valuation of that item(s) <br />will be based on the amount for which you are liable under such contract, but not to exceed the lesser <br />of the replacement cost of the property or the applicable Limit of Insurance. <br />(4) Glass at the cost of replacement with safety glazing material if required by law. <br />(5) "Tenant improvements and betterments" at: <br />(a) Replacement cost if you make repairs promptly. <br />(b) A proportion of your original cost if you do not make repairs promptly. We will determine the <br />proportionate value as follows: <br />(i) Multiply the original cost by the number of days from the loss or damage to the expiration of the <br />lease; and <br />(ii) Divide the amount determined in (i) above by the number of days from the installation of <br />improvements to the expiration of the lease. <br />Example: <br />The original cost of the "tenant improvements and betterments" was $100,000. The number of <br />days between the date the damage occurred and the expiration of the lease is 200. The number <br />of days between the installation of the "tenant improvements and betterments" and the expiration <br />of the lease is 500. <br />The proportionate value is: <br />($100,000 x 200) divided by 500 = $40,000 <br />If your lease contains a renewal option, the expiration of the renewal option period will replace the <br />expiration of the lease in this procedure. <br />(c) Nothing, if others pay for repairs or replacement. <br />(6) "Valuable papers and records", at your incurred cost of: <br />(a) Blank materials for reproducing the records (including blank prepackaged programs when replaced); <br />and <br />(b) Labor to transcribe or copy the records and to research, replace or restore the lost information, <br />including research and development documentation. <br />To the extent "valuable papers and records" are not replaced or restored, the loss will be valued at the <br />cost of replacement of the media on which the "valuable papers and records" were stored, with blank <br />media of substantially identical type. <br />(7) "Money" and "securities": <br />(a) "Money" at its face value; and <br />(b) "Securities" at their value at the close of business on the day the loss is di- <br />e cF RAMwagmedDMsian <br />Form SP 00 00 10 18 J_/ ``x REVIEWED & APPROVED BY: <br />© 2018, The Hartford ��' ., V <br />(May include copyrighted material of Insurance Services Office, Inc., with itsr RiskPjanagementAnalpt <br />