Insurance 101 – Chapter 9 – Volume 53 – Determine the Amount of the Loss -2

Determine the Amount of the Loss -2

Perhaps in an attempt to ease the burden on the courts, the state legislatures provided a means by which the traditional concept of  indemnity could be measured. For example, the California Legislature stated: “The measure of indemnity in fire insurance is the expense to the insured of replacing the thing lost or injured in its
condition at the time of the injury, such expense being computed s of the time of the commencement of the fire. “California Insurance Code § 2051. The legislature failed, however, to explain how one was to compute the cost of replacing a 30 year old building.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

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