I’ve heard comments that “some” of the buildings and businesses were uninsured. One lady said she let hers lapse because she couldn’t keep it paid up. There are lots of 1800’s vintage buildings in that area, and there are standard markets that will write them. I’m also hearing that the damage estimates are now closer to $4 million.
Hi wvagt. How do you value a building built 250 years ago for Replacement Cost? Oops! How about ACV with 90% depreciation due to age? Do they still have Co-Insurance in that area? This is like trying to cover antiques. Stated Amount.
This doesn’t say if there was coverage written on these buildings. Who would write something built in the 1800’s?
I’ve heard comments that “some” of the buildings and businesses were uninsured. One lady said she let hers lapse because she couldn’t keep it paid up. There are lots of 1800’s vintage buildings in that area, and there are standard markets that will write them. I’m also hearing that the damage estimates are now closer to $4 million.
Hi wvagt. How do you value a building built 250 years ago for Replacement Cost? Oops! How about ACV with 90% depreciation due to age? Do they still have Co-Insurance in that area? This is like trying to cover antiques. Stated Amount.
Maybe “Functional Replacement Cost” with some extra allowance for exterior “Historic Building materials/workmanship”.