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The true meaning of replacement costs

Thursday, August 18, 2016 @ 8:00 PM | By Ryan Shaw

In the wake of the destruction caused by the Fort McMurray wildfire, many property owners will look to utilize the replacement cost endorsement in their insurance policies to assist in their rebuilding efforts. Insurers and their counsel are undoubtedly familiar with the replacement cost endorsement, however some may be unaware of the jurisprudence related to its operation. This article addresses two particular issues that counsel should be aware of when asked to provide coverage opinions on claims under the endorsement: 1) what constitutes “replacement”; and 2)...