Which of the following extensions covers valuable papers and records?

The correct answer is the option that specifically addresses the coverage of valuable papers and records. This extension is designed to protect important documents and records that are irreplaceable or whose value exceeds their physical form. This could include items such as contracts, historical documents, blueprints, or any other documents that hold significant value either financially or operationally.

By focusing on this specific extension, the coverage ensures that businesses are safeguarded against the loss, destruction, or damage of crucial documents, which can have grave consequences for operations. It is critical for businesses to have coverage that recognizes the unique nature and value of these intangible assets.

The other options relate to different types of coverage but do not focus specifically on valuable papers and records. For example, one option deals with property that has been acquired recently, which would cover new additions to physical assets. Another option pertains to property that is temporarily off-premises, while the last one deals with the rising expenses related to construction improvements. Each serves different needs within a commercial property insurance policy and does not directly address the coverage of valuable documents.