Search FCS
Online Library Free Trial Newsletter Sign-Up Sign In
 

Insurance Coverage Q&A: Replacing Like Kind and Quality With New

This question and answer addresses a situation where a like kind and quality replacement is not available.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

An automatic car wash is insured under a CP 00 10 Building Coverage form, with the CP 00 30 Loss of Business Income Endorsement with RCV coverage. A covered loss occurred to the mechanical washing mechanisms inside the car wash. The mechanical mechanisms are older. Citing the current economic environment and possible supply chain issues, an LKQ version of the damaged part may not be available for a very long time, or at all. The estimated cost of the damaged part is significantly different than an updated replacement of the entire mechanical system. Does the insurance policy allow for coverage of a newer more up-to-date system, if it is determined that the LKQ repair/replacement is not available.

This premium content is locked for
FC&S Expert Coverage Interpretation subscribers.

Enjoy unlimited access to the trusted solution for successful interpretation and analyses of complex insurance policies.

  • Quality content from industry experts with over 60 years insurance experience, combined
  • Customizable alerts of changes in relevant policies and trends
  • Search and navigate Q&As to find answers to your specific questions
  • Filter by article, discussion, analysis and more to find the exact information you’re looking for
  • Continually updated to bring you the latest reports, trending topics, and coverage analysis

Already have an account?
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].

FC&S Editors

 

Get Answers Directly From the FC&S Experts

Submit your coverage interpretation question to the editors of FC&S for quick and reliable information.

Question of the Week

Insurance Coverage Q&A: Fences and Builders Risk ›

When working with a Builders Risk form, are fences covered?

Question of the Week Archive ›

Weekly Highlights

Emerging Risks ›
Litigation Watch ›
Fraud of the Week ›

Fast Things You Need To Know

Copyright © 2023 ALM Global, LLC. All Rights Reserved.