Do I have to re-build?
What if I don’t?
“What is actual cash value?”
By Michael C. Perlmuter, JD, President & General Counsel
One of the most frequently asked questions when assisting a business or residential property owner in adjusting a property insurance loss is: “What are my options for an insurance claim recovery from this loss?”
The question, though simple, is complex in nature and thus becomes the driver for most property owners to retain a public insurance claims adjuster, read Alex N. Sill Company, when contending with an insurance loss.
Policy owners acting on their own encounter a process akin to a notorious…
By Michael Perlmuter, JD, President & General Counsel
and Jeffrey O’Connor, SPPA, Vice President
Insureds seem to take great comfort believing their replacement cost insurance will fully cover losses to their business or home when in fact they should not be sleeping so peacefully.
It is painfully clear during our initial conversations with clients experiencing a loss that they believe their claim to be “simple” or “straight forward” because they have “replacement cost insurance.” The insureds are adamant in the assumption that their replacement cost coverage obligates the insured to pay the “cost of replacement.”
Is this true? Absolutely not . ….