Coinsurance and Valuation – Part 2
Under the valuation condition in a property policy, you can choose to settle a claim using ACV instead of RC (even if you have RC on the declarations page). In…
Virtual University
Profit & Overhead When Insureds Repair Their Own Damage
Your insured is a contractor. He wants to repair insured damage to his own building to ensure that the job is done right. Or, let’s say he negligently causes damage…
Tenants I&B and Insurable Interest
The carrier has denied payment for covered damage to our insured tentant’s improvements and betterments based on a clause in the lease that states that all additions, alterations, etc. become the property…
ACV vs. Market Value vs. Functional Value vs. Agreed Amount
Your insured buys a building for $250,000. The ACV of the building is closer to $750,000, but the insured only wants to insure the amount of his financial investment. Since…
