Coverage classification
- Form type
- Endorsements
- Topics
- Valuation
Coverage intent
Functional replacement cost coverage values damaged property based on replacement with property that performs the same function, even if it uses less costly modern materials or methods.
Coverage impact
The wording can significantly change claim valuation for older buildings, obsolete materials, and specialized construction. It should be read with ordinance or law and actual cash value provisions.
Where this language appears
Matching form records, product lines, state activity, and recent examples for this coverage language.
Matching form records
Recent records
Product submissions
Companies
Related insurance form pages
Related coverage topics
Review replacement cost coverage in admitted P&C endorsements and policies, including matching form records, product lines, common form names, and recent filings.
Actual cash value loss settlementReview actual cash value loss settlement in admitted P&C endorsements and policies, including matching form records, product lines, common form names, and recent filings.
Ordinance or law coverageReview ordinance or law coverage in admitted P&C endorsements, including matching form records, product lines, common form names, and recent filings.