Undertaking Property Repair Or Replacement As An Insurer
By Brian Devilling and Paul Ferland (October 20, 2017, 3:50 PM EDT) -- A property insurance policy's loss payment provision typically gives insurers the option to pay the value of damaged property, pay the cost to repair or replace damaged property, take the property at an agreed value, or repair, rebuild or replace damaged property. Each option carries different risks and benefits, and perhaps none are as risky as opting to undertake repair or replacement of damaged property. This article analyzes the risks, potential benefits and legal issues involved in an insurer's decision to undertake repair or replacement, rather than pay the value of damage or take property at an agreed-upon value....
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