This condition gives the insurer two alternatives in the event of a loss to a pair or set of personal property items. The insurer may:
- repair or replace any part to replace the pair or set to its preloss value or
- pay the difference between the actual cash value of the property before and after the loss.
Appraisal can be invoked to determine the amount of loss. Such disputes might involve the valuation of items of damaged or destroyed personal property or involve the dispute over what constitutes like or equivalent construction.
