01.Core Concepts

In property insurance, indemnification is based on the actual cash value (ACV) of the property at the time of loss There are three main methods to determine actual cash value: Replacement cost less depreciation Fair market value is the price a willing buyer would pay a willing seller in a free market Broad evidence rule means that the determination of ACV should include all relevant factors an expert would use to determine the value of the property ‹#›