A certified appraisal, made by a commercial appraisal company, is undoubtedly the roost accurate and reliable. These companies employ trained specialists whose factual detailed reports eliminate guesswork from the determination of value. Their appraisals are usually supported by detailed descriptions of the buildings, and by lists of equipment and other contents which can lie valuable in providing a Proof of Loss to the insurance company. (more…)

Actual Cash Value (also known as Sound Insurable Value) is the cost of replacing, restoring or reproducing the property, brand new, less depreciation due to use and obsolescence.

Your house and property are protected Actual Cash Value (ACV) covered if they do not covered by the replacement cost coverage on your insurance policy. (more…)

Replacement Value is the cost of replacing, reproducing or restoring the property, brand now, without deduction of depreciation. In other words, a school district insuring on the basis of Replacement Value is paid for the full value of the damaged property, brand now, at the time of loss. However, to collect the full replacement value, the Insured must actually repair or replace the property. Otherwise, the settlement will on an Actual Cash Value basis. (more…)

Surety Association of America determine bonds’ rate. Fire insurance company offered fire insurance rates which actually decided and regulated by regional, state-wide inspection rating bureaus. Rating bureau company determines the rate by first gathering statistics then formulate rates to be implemented in an approved policy forms. This organization is not only responsible for setting insurance rate, but also involved in standardization of insurance policies. This is one of main function of rating bureaus which make it easier for insurance companies to measure rate and contracts with market condition. (more…)