Bringing More to the Table
One of our large manufacturing clients was involved in a serious auto accident resulting in a large amount of specialty tools being damaged. The insurance company was resisting paying Replacement Cost (without deduction for depreciation) for the damaged tools. Peoples First took the position that the policy did not specify that Actual Cash Value (replacement cost less depreciation) would be loss payment basis. When the insurance company could not substantiate their position, they agreed with our argument and paid replacement cost.
