How do you find the replacement cost value for an item made for only a few years in the 1940s by an obscure manufacturer and with little-to-no sales history? Our claims adjuster faced such a challenge when the insured reported the theft of a Ranger Scooter manufactured by the Mead Cycle Company in Chicago, IL. The insured claimed a value of $3,000 to $4,000 for the stolen scooter, but initial research turned up no like kind and quality comparable data for determining the replacement value, requiring the expertise of contents claims specialists.
Case Background
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