The Does are insured under an unendorsed Homeowners 3 policy. The home has a current replacement cost of $1,000,000. The policy contains the following limits and retentions:
Coverage A: $700,000 ($10,000 retention)
Coverage B: $70,000 ($5,000 retention)
Coverage C: $350,000 ($25,000 retention)
Coverage D: $225,000 ($20,000 retention)
A detached shed was destroyed by a covered loss. The replacement cost of restoring the shed is $30,000. The actual cash value is $20,000.
What coverage section of the Homeowners 3 policy is at issue?
What dollar amount, if any, is payable under their Homeowners 3 policy?
Coverage Section?
Dollar Amount (show your work)?
The Does' windows were damaged by the same covered loss. The replacement cost of restoring the windows is $20,000. The actual cash value is $10,000.
What coverage section of the Homeowners 3 policy is at issue?
What dollar amount, if any, is payable under their Homeowners 3 policy?
Coverage Section?
Dollar Amount (show your work)?