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FREQUENTLY ASKED QUESTIONS

What is "Market Value"?

Market Value is the fair Market value as determined by the Dealer taking into consideration the amount of hours the item has worked and the repairs or improvements done. In the event of a total loss the loss adjuster will use the same method to determine the value. Should there be a partial loss and parts have to be replaced with new parts (used parts could not be sourced) and there is a price difference, then a betterment contribution could be called for. If the item is under insured then average will apply.

What is "New Replacement Value"?

New Replacement Value is the price the same or similar item will cost today. Should a total loss occur then the loss adjuster will obtain the value from the dealer, but settlement will be based on the market value, taking into consideration the amount of hours the item has worked and the repairs or improvements done. In the event of a partial loss the damaged items will be replaced. If the item is under insured then average will apply.

What is "Agreed Value"?

Agreed Value is the value as agreed by the client (insured) and the Insurer. The Agreed Value shall not be less than the fair Market Value and not more than the Market Value plus 20%. In the event of a total loss the loss the claim will be settled at the insured value. Should there be a partial loss and parts have to be replaced with new parts (used parts could not be sourced) and there is a price difference, then a betterment contribution could be called for.

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