There is a question as to the valuation available under specifically the Commercial Articles Floater/Schedule of the attached policy (not the EDP). The property under the schedule was a total loss in the Palisades fire. That is uncontested. The question is if the items are to be valued and paid at Replacement Cost or are they only eligible for Actual Cash Value, without the ability to recover depreciation. Secondly, If it's concluded they are eligible for RC, is that payable now or only if the item is replaced. Please let me know if you need further information.

California Subscriber

Endorsement 003 (screen 53 of 70) provides for the valuation of commercial articles coverage, which is the least of the amount for the item(s) as shown on the schedule on file, the cost to restore the property to its pre-loss condition, or the cost to replace with identical property. The value of the property will be its value as of the time of the loss, and there is no requirement that the item be replaced to be eligible for payment. Within this valuation language there is no discussion of a holdback for the depreciation amount - often that language is found regarding keeping that amount until the property is actually replaced. The policy does not require that for this coverage. The value of the property is determined at the time of loss, and the amount to be paid is the least of the listed amounts.