Question: Under the standard HO-3, within the Loss Settlement Condition, there is the section that applies to the insured making claim for recoverable depreciation.
If the amount the inured pays for repairs is less than the amount estimated and that which settlement of the claim was based, is the insured entitle to recovery a pro-rata amount of the recoverable depreciation withheld? Or if the insured has the work repaired for less than the amount on which settlement was based, is the insured unable to collect the recoverable depreciation withheld?
— Florida Subscriber
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
