While the inland marine policy pays for the ACV of the loss, should the CP 00 10 pay the difference up to replacement cost value
(RCV) since the loss occurred on premises, despite the traditional other property not covered clause, which excludes "property that is covered under another coverage form of this or any other policy in which it is more specifically described, except for the excess of the amount due (whether you can collect on it or not) form that other insurance"?
34) It is important to consider the distinction between replacement cost value
and reproduction cost value.
Owners and managers can get into trouble if their projected replacement cost value
only accounted for building or renovating to original, and probably less expensive, standards.
It's unique with the pre-fill capability because you can get a replacement cost value
based on street address the majority of the times," he said.
Everything from 10 karat gold high school class rings to ruby rings with 20 points of set diamonds, these fine items represented a replacement cost value
(RCV) of $64.
The appraisers did not separate the amount of the award into actual cash value and replacement cost value
, but that was not a requirement of the appraisal provision.
Topics of in-depth consideration included: The role and impact of reinsurance; the cost of capital; the application of windstorm mitigation credits; the rise in sinkhole claims and corresponding adjustment costs; the considerable growth in public adjusters' solicitation and claims activities; and the ability of policyholders to recover replacement cost value
without any deduction for depreciation or having repairs actually performed.
Don't confuse the issue of adequate insurance with that of valuation: in the example above, the amounts discussed represent the replacement cost value
of the property with no deduction taken for physical depreciation based on age or condition.
An adjuster's life was made easier by the software's ability to calculate floor, wall, and ceiling areas, and perform "extensions" to determine replacement cost value
(RCV), depreciation, and actual cash value (ACV) amounts.
For those of you with anxious homeowners, Lynne McChristian, Florida representative for the Insurance Information Institute, discusses actual cash value, replacement cost value
, and the proposed revised claims-paying procedures in SB 2044.