So You Think You Have Replacement Cost Coverage ...

Law360, New York (April 19, 2013, 11:58 AM EDT) -- Just because you have a “replacement cost” policy, it doesn’t necessarily mean that you’re entitled to recover from your insurance company the cost to replace your damaged property as the Illinois Appellate Court recently informed a no-doubt unhappy insured in the case of Area Erectors Inc. v. Travelers Property Casualty Co. of America.

In that case, a crane owned by the insured, Area Erectors Inc. (AEI), was a total loss when an unexpected microburst storm came through a construction site and toppled concrete walls onto the...
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