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b. If the expiration date for this Optional (4) "Stock", unless the Including "Stock" Coverage shown in the Declarations is not option is shown in the Declarations. extended, the Additional Condition, Under the terms of this Replacement Cost Coinsurance, is reinstated and this Optional Optional Coverage, tenants' improvements Coverage expires. and betterments are not considered to be c. The terms of this Optional Coverage apply the personal property of others. only to loss or damage that occurs: c. You may make a claim for loss or damage (1) On or after the effective date of this covered by this insurance on an actual cash Optional Coverage; and value basis instead of on a replacement cost basis. In the event you elect to have (2) Before the Agreed Value expiration date loss or damage settled on an actual cash shown in the Declarations or the policy value basis, you may still make a claim for expiration date, whichever occurs first. the additional coverage this Optional 2. Inflation Guard Coverage provides if you notify us of your intent to do so within 180 days after the loss a. The Limit of Insurance for property to which or damage. this Optional Coverage applies will automatically increase by the annual d. We will not pay on a replacement cost basis percentage shown in the Declarations. for any loss or damage: b. The amount of increase will be: (1) Until the lost or damaged property is actually repaired or replaced; and (1) The Limit of Insurance that applied on the most recent of the policy inception (2) Unless the repair or replacement is date, the policy anniversary date, or any made as soon as reasonably possible other policy change amending the Limit after the loss or damage. of Insurance, times With respect to tenants' improvements and (2) The percentage of annual increase betterments, the following also apply: shown in the Declarations, expressed as (3) If the conditions in d.(1) and d.(2)above a decimal (example: 8% is .08), times are not met, the value of tenants' (3) The number of days since the beginning improvements and betterments will be of the current policy year or the effective determined as a proportion of your date of the most recent policy change original cost, as set forth in the amending the Limit of Insurance, divided Valuation Loss Condition of this by 365. Coverage Form; and Example (4) We will not pay for loss or damage to tenants' improvements and betterments If: The applicable Limit of Insurance is: $100,000 if others pay for repairs or replacement. The annual percentage increase is: 8% e. We will not pay more for loss or damage on The number of days since the acement cost basis than the least of a repl beginning of the policy year (1), (2) or (3), subject to f. below: (or last policy change) is: 146 (1) The Limit of Insurance applicable to the The amount of increase is: lost or damaged property; $100,000 x .08 x 146 ø 365 = $3,200 (2) The cost to replace the lost or damaged 3. Replacement Cost property with other property: a. Replacement Cost (without deduction for (a) Of comparable material and quality; depreciation) replaces Actual Cash Value in and the Valuation Loss Condition of this (b) Used for the same purpose; or Coverage Form. (3) The amount actually spent that is b. This Optional Coverage does not apply to: necessary to repair or replace the lost or (1) Personal property of others; damaged property. (2) Contents of a residence; If a building is rebuilt at a new premises, the cost described in e.(2) above is limited to (3) Works of art, antiques or rare articles, the cost which would have been incurred if including etchings, pictures, statuary, the building had been rebuilt at the original marbles, bronzes, porcelains and bric-a- premises. brac; or CP 00 10 10 12 © Insurance Services Office, Inc.,2011 Page 15of 16