What it does
The standard period of restoration excludes any increased period required by an ordinance or law. CP 15 31 removes that restriction. When a Covered Cause of Loss damages property at the described premises, coverage extends to the actual and necessary loss during the increased period of suspension caused by a requirement to comply with an ordinance or law that:
- Regulates the construction or repair of property.
- Requires the tearing down of parts of property not damaged by a Covered Cause of Loss.
- Is in force at the time of loss.
Key provisions
- The period of restoration is redefined to include any increased period needed to meet the minimum standards of such laws. It still begins 72 hours after the loss for Business Income and immediately for Extra Expense. Policy expiration does not cut it short.
- No coverage for laws about pollutants or fungus, wet or dry rot or bacteria.
- It applies to CP 00 30, CP 00 32 and CP 00 50.
Quoting and selling notes
- Recommend it whenever you recommend Ordinance or Law Coverage (CP 04 05) for the building. Code-driven redesign, permitting and upgrades can add months to rebuilding.
- Forms lists show a newer 09 17 edition in most states. The 10 12 edition remains on many in-force policies.
