Loss Settlement, provided you notify us of your intent to do so within 180 days after the date of loss. You may then make claim for any additional liability according to the provisions of this Condition C. You may disregard the replacement cost loss settlement provisions and make claim under this policy for loss to buildings on an actual cash value basis.
#Disco xt 180 iso
The ISO “Homeowners 3-Special Form” provides as follows:Į. In the event you elect to have loss or damage settled on an actual cash value basis, you may still make a claim for the additional coverage this Optional Coverage provides if you notify us of your intent to do so within 180 days after the loss or damage. You may make a claim for loss or damage covered by this insurance on an actual cash value basis instead of on a replacement cost basis. The ISO “Building and Personal Property Coverage Form” provides as follows:Ĭ. Compare the following two ISO provisions. What is the correct interpretation? Clearly, it depends on the policy language. And, there are those who interpret the requisite 180-day notice to be given only if the insured initially makes claim on an actual cash value basis.
Others interpret the provision to simply require notice within 180 days of the loss of the intent to repair/replace.
Many in the property insurance industry interpret the provision to require actual repair/replacement within 180 days of the loss. In my experience, one of the most misinterpreted property insurance policy provisions is the 180-day notice requirement to receive replacement cost benefits.
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