Insurer Not Required to Replace Damaged Property with Comparable Property

Our insured's 1996 Palfinger Crane Model PK10500 was declared a total loss. We could not locate any comparable cranes. Our appraiser called the manufacturer who said that the crane had a value of approximately $6,000-$7,000 today. As the insured brought it ten years ago for $18,347, the appraiser used a straight line depreciation based on a twenty year life and came up with a value of $9,173. The agent is insisting that we come up with a comparable crane. Even checking competitors of Palfinger, we cannot locate one. Have we satisfied our claim handling requirement?

Maryland Subscriber