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Commercial Insurance FAQ

What is the difference between Replacement Cost and Actual Cash Value?

Replacement Cost means the cost to replace the property on the same premises with other property of comparable material and quality used for the same purpose. Actual Cash Value means the cost to replace property of like kind and quality minus depreciation.

What is a Co-Insurance Clause

It is a clause in an insurance policy requiring the policyholder to maintain insurance at least equal to a specified minimum percentage of the actual cash value(i.e. 90%) of the building. If insurance is not maintained to the 90% co-insurance requirement the policy holder must then bear, in addition to the deductible amount, a proportionate amount of any partial loss.

As a business owner am I responsible if a visitor to my business slips & falls?

The duty that you owe to a visitor is to take "care that is reasonable in the circumstances" to ensure that person is reasonably safe while on your premises. In other words, you have a significant responsibility for taking active precautions to keep your premises safe for visitors.

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