Wharton Insurance Briefs by Mario DeFilippis

ARANJ Board of Directors

David Yeager - EL & M Auto (800) 624-2266 / elandmauto@aol.com

Ed Silipena - American II Autos (609) 965-0987 / esilipena@yahoo.com

Norm Vachon - Port Murray Auto (908) 689-3152 / portmurrayauto@yahoo.com

Dillon Rinkens - East Brunswick Auto (732) 254-6501 / ebautonj@comcast.net ARANJ Officers

President - Rodney Krawczyk Ace Auto Wreckers (732) 254-9816 / aceautonj@comcast.net

1st Vice President - Daryl Carman Lentini Auto Salvage (908) 782-4440 / darryl@las-parts.coms

2nd Vice President - Mike Ronayne Tilghmans Auto Parts (609) 723-7469 / tilghmans@snip.net

Past President - Bob Dirkes Dirkes Used Auto Parts (609) 625-1718 / dirkesauto@gmail.com

ARANJ

The Automotive Recyclers Association of New Jersey

Wharton Insurance Briefs

Replacement cost is provided on most property insurance policies. However, insurance companies are rarely contractually obligated to pay more than the actual cash value (ACV) as of the time of the loss unless and until the damaged or destroyed structure is actually repaired or replaced. For those policies that provide ACV, some courts have developed three primary rules to measure it:

Market Value Rule: The difference between the market value of the property before and after a loss.

Broad Evidence Rule: Where consideration is given to its replacement cost, market value, income derived from its use, age and depreciation and the opinion given by a qualified valuation expert.

The most common rule is applying a “Replacement Cost Less Depreciation.” Under this rule, depreciation is deducted from the estimated cost to repair or replace the damaged property to determine its ACV.

Although we always recommend you insure your property using “Replacement Cost,” there are times where an insurance company will only insure a property using ACV. Make sure your agent is covering you properly. If you have any questions or concerns, please contact me.

Mario DeFilippis, AAI Vice President (732) 686-7020 (office) (908) 513-8588 (cell) mdefilippis@whartoninsurance.com

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