I am a public adjuster and trying to interrupt a Builders Risk policy correctly. The policy is attached. The loss location is "Location 0002 - Building 0001." The Declarations lists coverages for Building Materials - Replacement Cost, Existing Building Limit-Actual Cash Value and, Catastrophe Limit.
The loss that I'm working on is a project involving an Existing Building that the insured was preparing to renovate. Before the renovation project even started, there was a severe fire loss. The loss will exceed the policy limit for Existing Building. There were no Building Materials on site so the claim is limited to the Existing Building coverage.
The coverage that I am not certain about is the Catastrophe Limit.
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