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The Basics of Property Values & Coinsurance Conditions (ABEN)

  • September 24, 2024
  • 8:00 AM - 11:00 AM
  • ABEN Webinar

The Basics of Property Values & Coinsurance Conditions (ABEN)

Course #106862 | 3 P&C

Replacement cost ain’t always replacement cost. Yes, I know that is poor English – but the point is, replacement cost isn’t as simple as new stuff for old junk. There are many caveats and limitations to full replacement cost (if there is such a thing). Key concepts that must be understood when property valuation is discussed include: actual cash value (ACV); the broad evidence rule; and indemnification.

But what happens if the property limits are too low? Property policies contain a Coinsurance Condition requiring the insured to carry a certain minimum amount of coverage to enjoy full coverage on partial losses. If the insured does not have the requisite limits, they could be penalized.


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