X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.