RE: [Paddlewise] Security

For all of the insurance policies I've ever had (in the U.S.),
replacement value means the insurance company agrees to pay what it
would cost to replace the object new in today's dollars, not the
depreciated worth.  That's why replacement cost riders are incremental
dollars to basic policy coverage.  It is when you don't have a
replacement value rider that the insurance company pays the depreciated
value.

> -----Original Message-----
> From:	Michael Neverdosky [SMTP:MichaelN_at_cycat.com]
> Sent:	Friday, October 02, 1998 10:43 AM
> To:	paddlewise
> Subject:	Re: [Paddlewise] Security
> 
> To save lots of trouble it is better to get an "agreed value" policy.
> Agreed value means that is the amount that the insurance company will
> pay on a total loss. If you have a policy that says agreed value and
> they try to knock down what they will pay you then point to the policy
> 
> and say, "you agreed to this value when you wrote the policy, and this
> is what I have been paying premimums for". They will pay the price.
> 
> The big problem with replacement value is that it varies so widely
> with
> condition and is subject to much argument.
> 
> michael
> 
> wsteffen_at_skypoint.com wrote:
> > 
> > At 08:43 AM 10/1/98 EDT, JCMARTIN43_at_aol.com wrote:
> 
> > It is insured for "replacement" value. Right now the boats
> replacement
> > value is the same as its original value, but a few years down the
> road they
> > would never give me $2700 for it, so I will reduce the policy
> coverage
> > accordingly. Best to err on the high side though.
> 
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