BIBLIOLABS, LLC - Laserfiche WebLink

Home Browse Search

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