I have a question regarding whether a loss is settled actual cash value or replacement cost. We have a client written on a Businessowners form, BP 00 02 01 87. The form provides $20,000 for business personal property with replacement cost coverage. The policy also contains an endorsement—a small tool floater for $5,000.
Our client's tools were in a company truck, at the premises, when the truck was stolen. The truck was recovered, but the tools were not.
The dec page shows business personal property with replacement cost valuation and tools as actual cash value valuation.
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