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CNA CNA PARAMOUNT First Party Terms and Conditions If the Named Insured's normal operation is leasing property to others, a vacant building will be subject to this condition if the Named Insured has ceased actively leasing the building or has cut-off power, heat and water utility services to the building. Buildings under active construction or active renovation are not considered vacant. XVIII. VALUATION A. Except as provided in Paragraph B. below, and subject to all applicable Limits of Insurance, the Insurer will not pay more than the lesser of the following: 1. the replacement cost; or 2. the actual cost to repair or replace covered property. If the Named Insured does not repair or replace the covered property, or the repair or replacement exceeds 24 months from the date of loss or damage unless a longer time frame is agreed to by the Insurer, the Insurer will pay the actual cash value of such property. If the Named Insured commences repair or replacement of such covered property and completes it within 24 months from the date of loss or damage, or such agreed to longer period, the Insurer will pay the difference between the actual cash value previously paid and the lesser of Paragraphs 1. or 2. above. B. With respect to the following covered property, the Insurer will not pay more than the following amounts: 1. Accounts receivable: for records of account receivable for which duplicates do not exist, the full cost to research and reproduce such records plus the cost of the blank materials on which they resides. For records of accounts receivable for which duplicates do exist, the cost of the labor to transcribe or copy such records, plus the cost of the blank materials on which they reside. If the Named Insured cannot accurately establish the amount of accounts receivable outstanding at the time of loss of or damage to the records of accounts receivable, the following method will be used: a. determine the average monthly amount of accounts receivable for the 12 months immediately preceding the month in which the loss or damage occurs; and b. adjust that average monthly amount for any normal fluctuations in the amount of accounts receivable for 0 the month in which the loss or damage occurred or for any demonstrated variance from the monthly average. 0 0 The following will be deducted from the total amount of accounts receivable, however that amount is 0 established: L the amount of the accounts receivable for which there is no loss or damage; ii. the amount of the accounts receivable that the Named Insured is able to re-establish or collect; iii. an amount to allow for probable bad debts that the Named Insured is normally unable to collect; and iv. all unearned interest and service charges. 2. Personal property that is leased or rented from others, personal property of others and nonowned trailers: the lesser of the following: a. the amount for which the Named Insured is liable under the written contract for such property; b. the actual cost to repair such property; or c. the replacement cost. CNA62647XX 10-15 Copyright CNA All Rights Reserved. HORaN RiskMmRgzmerdDivisian REVIEWED & APPROVED BY.- o z Risk Management Analyst