Legal Question in Insurance Law in Arkansas
major fire loss
I have suffered a total fire loss at my business.I have a replacement cost policy,but after talking with different adjustors,I have found that it only pays replacement cost if I replace the merchandise.It pays actual cash value up front and the remainder when the goods are replaced.I am in the rental clothing business and have a very large inventory.If I decide to not reopen the business I fear a large loss.I guess my question is,should I seek representation up-front before submitting inventory records ,as I do not want to be cheated.
Asked on 1/26/03, 6:32 pm
1 Answer from Attorneys
Steven Murray
Steven W. Murray, APC
Re: major fire loss
Yes, since what you believe is the acv is not what the insurer will necessarily agree to. Have someone who knows what they are doing BEFORE you start, not just afterwards.
Answered on 1/27/03, 8:51 pm
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