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32 <br /> (3) Materials used in repair, construction, a. Additional interest payments on money <br /> renovation or remodeling; or borrowed to finance construction, <br /> (4) Maintenance; remodeling, renovation, or repair including <br /> increased interest payments due to a rise in <br /> of part or all of any property wherever interest rates; <br /> located. <br /> b. Additional insurance premiums, real estate <br /> d. Settling, cracking, shrinkage, bulging or and property taxes, and assessments which <br /> expansion. you incur for the period of time covered by <br /> e. Wear and tear. this endorsement that construction extends <br /> f. Any quality in the property that causes it to beyond the estimated completion date; <br /> damage or destroy itself, hidden or latent c. Additional construction permit, architect, <br /> defect, gradual deterioration. engineering and consulting fees which <br /> g. Mechanical breakdown, become necessary due to the direct physical <br /> loss or damage; <br /> h, Insects,vermin, rodents, animals. d. Additional legal, lease administration or <br /> L Rust or other corrosion, dampness, accounting fees; and <br /> extremes of temperature. e. Additional advertising and promotional <br /> C. LIMITS OF INSURANCE expenses which become necessary due to <br /> The most we will pay for loss or damage in any one the direct physical loss or damage. <br /> m occurrence is the applicable Limit of Insurance f. The additional cost to extend leases for <br /> shown in the Declarations. construction equipment and temporary <br /> o D. DEDUCTIBLE office space. <br /> N 1. We will not pay for loss or damage in any one If the part of the covered property that sustains <br /> ti <br /> 0 occurrence until the amount of the adjusted loss direct physical loss or damage is repaired or <br /> 0 or damage before applying the applicable Limits replaced, the payment will not exceed the <br /> N of Insurance exceeds the Deductible shown in amount you spend to repair or replace the <br /> the Declarations. We will then pay the amount damaged or destroyed property. <br /> of the adjusted loss or damage in excess of the 2. TRANSFER OF RIGHTS OF RECOVERY <br /> Deductible, up to the applicable Limit of AGAINST OTHERS TO US <br /> Insurance. <br /> The fallowing Paragraph is added to General <br /> 2. If loss or damage covered under this Coverage Condition K. Transfer Of Rights Of Recovery <br /> Form also involves loss or damage under any Against Others To Us in the Commercial Inland <br /> other coverage form issued by us or any Marine Conditions: <br /> company affiliated with us, the most we will <br /> deduct from the payment for loss or damage to We will waive any rights of recovery we may <br /> Covered Properly is the single largest have against a person or organization because <br /> deductible involved. Furthermore, each of payments we make for loss or damage to <br /> deductible will only be applied against its Covered Properly if you have agreed to waive <br /> applicable coverage and any deductible any right of recovery against that person or <br /> amount(s) actually taken will be applied toward organization in a written contract or written <br /> any remaining larger deductible(s). agreement, but only if the foss or damage <br /> occurs subsequent to the execution of the <br /> E. ADDITIONAL CONDITIONS written contract or written agreement. However, <br /> 1. VALUATION this does not apply to: <br /> The Valuation Conditions under the General a. Any architect, engineer or other party or <br /> Conditions section, in the Commercial Inland entity responsible for any design, <br /> Marine Conditions is replaced by the following: specification or plans for the fabrication, <br /> The value of Covered Property will be based on erection or completion of the property <br /> insured with respect to any loss or damage <br /> "replacement cost". that may be caused by: <br /> "Replacement cost" is limited to the cost of (1) Fault, defect, error or omission in such <br /> repair or replacement with similar materials on design, specifications or plans; or <br /> the same 'job site" and used for the same <br /> purpose. It does not include costs you incur over <br /> and above the costs you would have incurred <br /> had there been no loss, including: <br /> Copyright, 2013 Selective Insurance Company of America. All rights reserved. CM 7105 0713 <br /> Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 11 of 15 <br /> INSURED'S COPY <br />