Key Points Page
- Sometimes It's What the Policy Doesn't Say That Counts!1
- Insurable Interest2
- Business Factors3
- Broadening the Named Insured3
- Broadening the Property Definition4
- Being Proactive5
- The Replacement Cost Claim: It's Just Like An Other. Or Is It?6
- 180 Day Requirement6
- The Holdback7
- Replacing Elsewhere7
- Buying Rather than Rebuilding8
- What if Replacement is Less than the Available Limits9
- Values and Coinsurance Requirements9
- What Constitutes Replacements10
- Functional Replacement Cost10
Sometimes It’s What the Policy Doesn’t Say That Counts!
In an industry driven by details, can less ever be more? It can when it means using fewer specifics in defining coverages. An interesting discussion of how employing broader insurance language in a policy can ultimately serve the insured’s best interest leads off this issue of Adjusting Today.
The second article in this edition, “The Replacement Cost Claim: It’s Just Like Any Other, or Is It?” examines claims involving replacement cost coverage, including the special considerations that must be applied in these situations if the coverage is to work as intended.