Sentences with phrase «losses on a replacement cost basis»

Assume that your policy covers losses on a replacement cost basis.

Not exact matches

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Based on historical earthquakes in and around Nepal and then using the change in values of buildings and intensities seen in this event we can expect around a $ 3 billion to $ 3.5 billion loss and around a $ 5 billion to $ 5.5 billion replacement cost.

With personal property coverage on a replacement cost basis, loss of use insurance to pay for your hotel, and liability coverage should you cause another person bodily injury or property damage, Effective Coverage has got you covered.

Commercial property insurance plans pay for losses based on the replacement cost of the item or its actual cash value.

Co-Insurance can have a drastic affect on how an insurance loss is valued because not meeting coinsurance requirements can mean you receive payment based on Actual Cash Value instead of Replacement Cost.

By contrast, guaranteed replacement cost coverage pays out based on what a new item would cost to purchase at the time of the loss.

One of the biggest surprises to homeowners who need to file a house insurance claim is that insurance losses are often paid based on the actual cash value (replacement cost of property minus depreciation) of their property.

Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis.

With a typical homeowners policy, after a loss you would be reimbursed based on your items» depreciated value (its original value minus depreciation for time, wear, damage, etc.), but with Contents Replacement Cost coverage, the value of any damaged or destroyed item is based on the cost of a new one with similar featuCost coverage, the value of any damaged or destroyed item is based on the cost of a new one with similar featucost of a new one with similar features.

Rebuilding your personal contents, or even worse, your home on an actual cash value or depreciated basis leaves you at a loss compared to replacement cost settlements.

While both types of coverage help with the costs of rebuilding your home or replacing damaged items after a covered loss, actual cash value policies are based on the items» depreciated value while replacement cost coverage does not account for depreciation.

Replacement cost coverage pays the actual costs to replace damaged or lost items, and ACV pays based on what the item was worth at the time of the loss.

That is, losses involving leased personal property will be valued based on replacement cost or actual cash value, whichever valuation method applies to Your BPP.

Commercial property insurance plans pay for losses based on the replacement cost of the item or its actual cash value.

As for valuing the amount of loss, structural damage is usually paid for on a replacement cost basis.

Dear Suzana, When you have a loss like yours, the adjuster has to first determine whether or not the loss is covered, and second must consider the basis on which to value the damaged property: replacement cost or depreciated value (actual cash value).

Depending on the policy, DIC insurance may pay losses based on the actual cash value or the replacement cost of damaged property.

Commercial property insurance policies pay for losses based on either the replacement cost of an item (replacement cost coverage) or its actual cash value (actual cash value coverage), or even a combination of both.

A: Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis.

Replacement cost insurance - Covers property — both building and contents — on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insuraReplacement cost insurance - Covers property — both building and contents — on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurareplacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurance clause.

Guaranteed replacement coverage costs more but provides you with reimbursement to cover the full present - day cost of purchasing the item lost, whereas ACV coverage depreciates the loss based on the age of the item.

Even if you have elected to insure your business personal property on a replacement cost basis, any loss involving works of art will be determined based on the actual cash value of the damaged item.

Full replacement or guaranteed replacement coverage pays out for losses based on the present day replacement cost to buy a lost item new on the market today.

With personal property coverage on a replacement cost basis, loss of use insurance to pay for your hotel, and liability coverage should you cause another person bodily injury or property damage, Effective Coverage has got you covered.

However, the insured value at the time of the loss is usually required to be at least 80 % of the replacement cost before your policy is covered on a replacement cost basis.

Most policies written today use Full Replacement Value coverage which will pay for full replacement costs up to the limits of the policy, but some insurers still write policies for Actual Cash Value, which only pays you a depreciated amount for the losses based on the age and condition of the itemReplacement Value coverage which will pay for full replacement costs up to the limits of the policy, but some insurers still write policies for Actual Cash Value, which only pays you a depreciated amount for the losses based on the age and condition of the itemreplacement costs up to the limits of the policy, but some insurers still write policies for Actual Cash Value, which only pays you a depreciated amount for the losses based on the age and condition of the items involved.

If the report asserts that the loss would likely be less than 20 % of the building's replacement cost, then the underwriting decision will normally be based on basic business principles.