(a) The actual cash value of that part of the building damaged;
or
(b) That proportion of the cost to repair or replace, after
application of deductible and without deduction for depreciation,
that part of the building damaged, which the total amount of insurance
in this policy on the damaged building bears to %*
of the replacement cost of the building.
(3) To determine the amount of insurance required to equal
%* of the full replacement
cost of the building immediately before the loss, do not include the
value of:
(a) Excavations, foundation, piers or any suppports which
are below the undersurface of the lowest basement floor; or
(b) Those supports in (a) above which are below the surface
of the ground inside the foundation walls, if there is no basement;
and
(c) Underground flues, pipes, wiring and drains.
(4) We will pay no more than the actual cash value of the
damage until actual repair or replacement is complete. Once actual
repair or replacement is complete, we will settle the loss
according to the provsions of b.(1) and b.(2) above.
However, if the cost to repair or replace the damage is both:
(a) Less than 5% of the amount of insurance in this policy
on the building; and
(b) Less than $2,500;
we will settle the loss according to the provisions of b.(1)
and b.(2) above whether or not actual repair or replacement is complete.
(5) You may disregard the replacement cost loss settlement
provisions and make claim under this policy for loss or damage to
buildings on an actual cash value basis. You may then make
claim within 180 days after loss for any additional liability according
to the provisions of this Condition 3. Loss Settlement.
* Percentage that applies %**
** Entries may be left blank if shown elsewhere in this policy for
this coverage.
All other provisions of this policy apply.
AUTO CLUB FAMILY INSURANCE COMPANY
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Secretary
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President
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