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replacement cost coverage

A property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss. (The other primary valuation method is actual cash value (ACV).) It is usually defined in the policy as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation. See also Actual cash value.


Links for IRMI Online Subscribers Only: CPI V.L; CRT XIV.P; PRMI 10.G; PracRisk, Topic F-2

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