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What does the term “replacement cost” value mean with regards to equipment & contents (inland marine) coverage?

April 26, 2017Contents equipment inland Marine mean regards term value

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What does the term “replacement cost” value mean with regards to equipment & contents (inland marine) coverage?

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Replacement cost means that the value of covered property will be based on the replacement coast at the time of loss without any deduction for depreciation. It is limited to the cost of repair or replacement with similar property and used for the same purpose.