Adding to John Mueller's excellent Blog "All About Cargo", I wanted everyone to be aware that there is a Cargo policy starting to float around our Expediting Community that is ACV vs Legal or Broad Form in how it pays out claims. Why is that important to you?
An Actual Cash Value policy reads in part like this:
Actual Cash Value is calculated as the amount it would cost to repair or replace Covered Property, at the time of loss or damage, with material of like kind and quality, subject to a deduction for depreciation.
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An Actual Cash Value policy reads in part like this:
Actual Cash Value is calculated as the amount it would cost to repair or replace Covered Property, at the time of loss or damage, with material of like kind and quality, subject to a deduction for depreciation.
READ MORE...
