We're dealing with form MCP 010 01.
In regards to time to collect the recoverable depreciation the policy states:
"b. We are not liable for payment on a replacement basis until you complete repair, replacement, or restoration of the subject property. You may submit a claim on an actual cash value basis and then, no later than 180 days following settlement on an actual cash value basis (or our offer of such if you decline settlement), make further claim in writing on repair, replacement, or restoration which you have completed at the time you make such claim."
Please advise if this requires repairs to be completed within 180 days to collect the withheld.
New Jersey Subscriber
You are interpreting this correctly – the repairs must be completed at the time of the request for replacement cost, and the repairs and the request both must be within 180 days.
Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.