replacement cost News

Paying Overhead and Profit in First-Party Claims

Standard homeowner policies pay personal property claims at actual cash value (ACV), which is the replacement cost (RC) of the damaged property based on its current used condition. In other words, it is valued at what it would cost to …

Part Three: The Value of Accurate Roof Age in Claims

Relying on self-reported roof age to make underwriting and claims decisions has left carriers with unreliable data built into the claims process. As we covered in the first two research papers in this series, most homeowners do not know the …

Eyeing Affluent Market, Crestbrook Ready to Launch in Illinois

Well-to-do Illinois residents and their insurance agents can soon look forward to another option when it comes to protecting their assets. Crestbrook Insurance has selected Illinois for the launch of what is essentially a start-up insurance company focusing on the …

Florida Supreme Court Says That Replacement Cost Includes Profit and Overhead

The Florida Supreme Court in Trinidad v. Florida Peninsula Ins. Co., 2013 WL 3333823 (Fla. July 3, 2013) held that replacement cost coverage was required to include overhead and profit in cases where the insured was reasonably likely to need …

Thieves Take $80,000 in Equipment From Golf Course

An Iowa golf course is preparing to buy $80,000 of lawn-mowing equipment to replace gear that was stolen over the weekend. The Des Moines Register reports the Bright-Grandview Golf Course in Des Moines, Iowa, reported the theft Saturday morning. A …

Florida’s Citizens Balks at Issuing HO-8 Policy

Florida’s quasi-governmental property insurer is resisting a statutory requirement that they start issuing an HO-8 policy due to a disagreement with regulators over rates and concerns that the policy’s reduced price could make it attractive to consumers despite the policy’s …

As Spending Increases Halloween Claims Rise