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THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. <br />Form SP 01 04 10 18 Page 2 of 2 <br />© 2018, The Hartford <br />(May include copyrighted material of Insurance Services Office, Inc., with its permission) <br />Provision Applicable to California <br />Actual cash value is determined as follows: <br />a.In the event of a total loss to a building or structure,actual cash value is calculated as the Limit of Insurance <br />applicable to that building or structure or the fair market value of the building or structure, whichever is less. <br />b.In the event of a partial loss to a building or structure,actual cash value is calculated as shown below, <br />whichever is less: <br />(1)The amount it would cost to repair,rebuild or replace the property less a fair and reasonable deduction for <br />physical depreciation of the components of the building or structure that are normally subject to repair or <br />replacement during its useful life.Physical depreciation is based upon the condition of the property at the <br />time of the loss; <br />(2)The limit of Insurance applicable to the property. <br />c.In the event of a partial or total loss to Covered Property other than a building or structure,actual cash value <br />is calculated as the lesser of the following: <br />(1)The amount it would cost to repair or replace the property less a fair and reasonable deduction for <br />physical depreciation, based on the condition of the property at the time of loss; or <br />(2)The Limit of Insurance applicable to the property. <br />B.The following is added to Section F.,PROPERTY GENERAL CONDITIONS <br />4.Paragraph 4.,Other Insurance is deleted and replaced by the following: <br />Other Insurance <br />If there is other insurance covering the same loss or damage,we will pay our share of the covered loss or <br />damage.Our share is the proportion that the applicable Limit of Insurance bears to the limits of insurance of all <br />insurance covering on the same basis. <br />C.With respect to this endorsement, the following definition is added to Section G.,PROPERTY DEFINITIONS: <br />"Open Policy"means a policy under which the value of Covered Property is not fixed at policy inception,but is <br />determined at the time of loss in accordance with policy provisions on valuation.The term "open policy"does not <br />apply to Covered Property that is subject to an Agreed Value clause or similar clause that establishes an agreed <br />value prior to loss, unless such clause has expired. <br />Docusign Envelope ID: 9DF92A24-B534-85BA-8088-342315DF1839