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3 Cards in this Set
- Front
- Back
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The traditional meaning of Actual Cash Value (ACV) |
ACV=replacement cost – depreciation |
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Theways that the value of insured property is determined under a Basic ofValuation clause |
The value of insured property isdetermined by the following: 1. On unsold stock: the ACV of property at the timeand the place of loss/damage but not exceeds the cost to replace or repair withmaterial of like kind and quality. 2. On sold stock: selling price – discounts.3. Property of others in custody for work: theamount that the insured is liable, but not exceed the ACV at the time and theplace of loss/damage + cost of work. 4. Tenant improvement: - Ifrepaired/ replaced with due diligence and dispatch: the amount actually andnecessarily expended, but not exceed the ACV of tenant’s improvement at thetime and the place of loss/damage. - Ifnot repaired/replaced with due diligence and dispatch: the insurer will onlypay a portion of the original cost. The formular is the original cost times thenumber of day from the date of loss/damage to the expiry date of the lease,divided by the number of day from the date of installation improvement to theexpiry date of the lease. 5. Business records: - Thecost of blank material to reproduce the records; and - Thecost of labour to copy the records when there is no duplicate 6. All other insured property: the ACV at the timeand the place of loss/damage but not exceed the cost to replace/repair withmaterial of like kind and quality. |
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Gvv |
Vvvv |
