The insurer is not correct in denying the claim. The use of the gerund tense—”refinishing, renovating or repairing…”—indicates work not yet completed. Webster's Collegiate Dictionary (Tenth Edition) defines “gerund” as “a verbal noun in Latin that expresses generalized or uncompleted action…” The coverage for a loss to insured property while undergoing repair belongs quite properly with the person performing the repair work (except for watches, jewelry, and furs, which are excepted). Once completed, however, coverage for the loss is under the HO 00 15 (of course, the insurer may subrogate).

The insured, however, is not entitled to the piano's replacement cost. The applicable personal property replacement cost provision states that “personal property replacement cost coverage will also apply to the following articles or classes of property if they are separately described and specifically insured in this policy:…d. Musical equipment and related articles of equipment.” Since the piano was not separately described and specifically insured, coverage is on an actual cash value basis at the time of the loss. (Of course, markets being as they are, the actual cash value of the piano could be equal to or higher than the replacement cost based on a current model.)