The Definition of Insured Values – Part 1
Insurance is a contract between the insurer and the insured, and as such it is subject to numerous terms and conditions as contained in the policy wording. Beyond this contract…
replacement value
Difference between replacement value and market value
[Updated: 08 October 2024] Replacement value: This is the current cost to replace a building, i.e. to reinstate a property to its original state if completely destroyed. It excludes the…