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The scenario is common. A piece of equipment (medical, manufacturing, communication) is damaged by an external electrical trauma such as lightning or a power anomaly. Your insured will oftentimes provide a quotation for a replacement system. The claims handler may perform research to determine if the claimed replacement is of like kind and quality when compared to the claimed system. For this example, let us presume that the claims handler validates that damaged Equipment A is appropriately replaced with Equipment B, updated/upgraded only as time and technology mandate. Henceforth, we have a well-documented file, the insured can be paid, and we’ve made a proper adjustment, correct?

Maybe…or maybe not.

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