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The Fund will pay for direct physical loss of or damage to covered property unless excluded or limited.  Coverage is written on a replacement cost basis with a 100% coinsurance clause.  A standard $250 deductible applies to each occurrence.

          “Covered property” includes the structure under construction, foundations, and, if
            intended to become a permanent part of the structure, fixtures, machinery, equip-
            ment, building materials and supplies within 100 feet of the premises.