Property policies written on a replacement cost (RC) basis, both personal and commercial lines, usually have a provision that the insured can collect on an ACV basis, then advise within 180 days that they intend to exercise their right to a RC recovery. But what happens when the insured doesn’t discover damage (e.g., from hail) until 180 days after the loss or damage (e.g., the hail storm)?Read More
Category: Commercial Property
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