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(iii)Theunavailabilityofcontractorsb.Intheeventofapartialortotallossto <br />toperformthenecessarywork.CoveredPropertyotherthanabuildingor <br />structure,actualcashvalueiscalculated <br />Theforegoingprovisionsdonot <br />asthelesserofthefollowing: <br />constituteawaiverofourrighttodeny <br />theclaimforanyvalidreasonorto <br />(1)Theamountitwouldcosttorepairor <br />restrictpaymentincasesofsuspected <br />replacethepropertylessafairand <br />fraud. <br />reasonabledeductionforphysical <br />depreciation,basedonthecondition <br />2.Thefollowingprovisionisadded: <br />ofthepropertyatthetimeofloss;or <br />ProvisionApplicabletoCalifornia <br />(2)TheLimitofInsuranceapplicableto <br />Actualcashvalueisdeterminedasfollows: <br />theproperty. <br />a.Intheeventofapartialortotallosstoa <br />I.Withrespecttothisendorsement,thefollowing <br />buildingorstructure,actualcashvalueis <br />definitionisaddedtoSectionG.PROPERTY <br />calculatedasshownbelow,whicheveris <br />DEFINITIONS: <br />less: <br />"OpenPolicy"meansapolicyunderwhichthe <br />(1)Theamountitwouldcosttorepair, <br />valueofCoveredPropertyisnotfixedat <br />rebuildorreplacethepropertylessa <br />policyinception,butisdeterminedatthetime <br />fairandreasonabledeductionfor <br />oflossinaccordancewithpolicyprovisions <br />physicaldepreciationofthe <br />onvaluation.Theterm"openpolicy"does <br />componentsofthebuildingor <br />notapplytoCoveredPropertythatissubject <br />structurethatarenormallysubjectto <br />toanAgreedValueclauseorsimilarclause <br />repairorreplacementduringitsuseful <br />thatestablishesanagreedvaluepriortoloss, <br />life.Physicaldepreciationisbased <br />unlesssuchclausehasexpired. <br />upontheconditionofthepropertyat <br />thetimeoftheloss;or <br />(2)ThelimitofInsuranceapplicableto <br />theproperty. <br /> <br />FormSS01210220Page5of5 <br /> <br />