replacement cost insurance

replacement cost insurance definition - business

replacement cost insurance

Insurance coverage that replaces or repairs damaged property without an allowance for depreciation. Damaged property is replaced on the same premises with other property of similar quality and materials as long as the cost is not more than coverage limits spelled out in the policy.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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