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10 result(s) for claverol valued
In general, business interruption coverage is supposed to provide the capital needed to sustain a business while its operations are suspended as a result of damage caused by a covered peril....
How Should Matching Parts of a Damaged Building Be Valued? Florida Valuation Issues, Part 9
Sometimes, if not most of the time, a covered peril will only cause partial damage to a structure. For example, let's pretend an insured inadvertently drops an object on his tile floor and the object cracks a single tile. For the sake of argument, let's assume that the policyholder has continuous tile throughout the house...
Functional Replacement Cost Coverage and Its Practical Usefulness: Florida Valuation Issues, Part 8
Whether selling a commercial, homeowner, marine or other insurance rider, most insurance agents spend their days advocating the importance of insuring property with replacement cost coverage. Although this type of coverage is at times pricier than its "market value" counter part....
Understanding Code Upgrade Coverage Under Coverage A: Florida Valuation Issues, Part 7
When a building has been damaged or destroyed by a covered peril, a policyholder may face an additional loss because building laws and ordinances governing the repair, reconstruction, or demolition of the insured property can significantly increase the costs.
Replacement Cost Value Coverage After a Claim Denial: Florida Valuation Issues, Part 6
Recently, Chip shared some insightful practice pointers on this blog about how to maximize replacement cost benefits. The blog made me wonder whether an insured would be entitled to replacement cost benefits if his claim is denied and the insured cannot afford to repair or replace to comply with the replacement cost provision...
Valuation Issues in Florida, Part 4: Actual Cash Value and The Broad Evidence Rule
(Note: This Guest Blog is by Michelle Claverol, an attorney with Merlin Law Group in the Coral Gables, Florida, office. This is the fourth in a series she is writing on valued policy laws). “Actual Cash Value = Replacement Cost...
Florida's Valued Policy Law and the "Total Loss" Conundrum in Multiple Causation Losses
Valued Policy Laws (VPLs) are relatively easy to define as those that require payment of policy limits in the event of a "total loss" caused by a covered peril, even though the insurance carrier could rebuild the property for less.
Valuation Issues in Florida, Part 2: The Current Florida Valued Policy Law
(Note: This Guest Blog is by Michelle Claverol, an attorney with Merlin Law Group in the Coral Gables, Florida, office. This is the second in a series she is writing on valued policy laws). Floridians are very lucky. They have...
Valuation Issues in Florida, Part I: The Historical Purpose of Valued Policy Laws
A valued policy is traditionally defined as "one in which the value of the property insured is agreed upon by the parties so that in the case of a total loss, it is not necessary to prove the actual value to recover under the policy."
