Read the valuation clause, because it decides what a claim actually pays. Many contractors equipment forms settle at actual cash value, and the Department of Insurance’s commercial guide says that unless the policy defines it, actual cash value in California means fair market value. Replacement cost is available on some programs, often only up to an age limit on the equipment. Scheduled high-value items can sometimes be written on an agreed value, which removes the argument at claim time. The difference between these three shows up on the check, not on the declarations page.
Related FAQs
It can, once a rented or leased equipment limit is added to the floater. Read the rental agreement first. California law makes a hirer liable only for damage caused ...
Higher-value equipment is scheduled by make, model, serial number and value, each with its own limit, and small tools go under a blanket limit with a per-item cap. Scheduling ...
Only within the small extension the property form gives for property in transit or at another location, and that limit is usually far below the value of a truck ...
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