Payment for Antique Knives

November 23, 2009

The insured has an HO 04 90 04 91 Personal Property Replacement Cost endorsement.
The insured had a collection of army knives and Japanese swords that have been damaged. How should these items be handled? Are they settled under fair market value or do we owe for basic knives? The antique cost to replace is in the hundreds of dollars whereas buying a knife of similar size could be done for about $25.00.

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