Property/Accident Lines

There are three types of settlement possible, each of which is explained below. The choice of which method is used may be specifically written in the Policy, or may be up to the Insurer to decide.

Replacement – To pay the cost of replacing items (excluding any betterment) covered under the policy

Reinstatement – To pay all costs incurred in rebuilding the damaged property to a new condition without deductions for depreciation

Indemnity – To put you back in a similar position as you were in immediately prior to the loss.

Pecuniary Lines

Limit of Liability – To the limits of liability stated in the policy document