Our client owns a two-story commercial building that is insured on an ISO commercial property form. There are offices on the first floor and apartments on the second.

If this building were destroyed, the owner would rebuild it without the apartment buildings and in a different location. To reflect this, we've attached the functional building valuation endorsement [IDL:CP 04 38 10 00pdf^CP 04 38 10 00^CP 04 38 10 00] and selected a $500,000 limit, which is enough to replace the building without the apartments.

I'm concerned that the functional building valuation endorsement requires same-site replacement. Does it?