Actual Cash Value is way of valuing a property insurance loss after a claim. The main concept that you need to understand with actual cash value is that in the event of a loss if your policy is actual cash value, depreciation will be taken out of your payment.

Meaning if you have 10 year old cabinets with a 20 year life and those cabinets cost $10,000 to replace. You will get a check from the insurance carrier for $5,000. (Very simplified for this example this is just informational for your understanding that is not the actual amount you are guaranteed to get).

Yes in most cases actual cash value policies cost less than Replacement Cost policies but the penalty when you have a loss can be severe.

1. How do I calculate a "radius"?

Radius is a straight line, air mile from point A to point B. Do not include return miles, as radius is one way trip only.

2. How are moving violations used?

All moving violations are used to determine rate and acceptability. Car, motorcycle and boat violations are fair game even though they are not a semi. They still count against you as this shows as a pattern.

3. When do I need an interstate filing?

When you travel in more than one state or cross state lines, you must obtain a federal filing. If you stay within one state or do not cross state lines, you only need a DOT# for a state filing.

1. How are animals covered?

Animals are automatically covered for liability, but for the animal itself to be covered you must specifically add that coverage.

2. What is a farm blanket?

A farm blanket gives coverage to all you farm machinery, livestock, seed and other farm related items in one specified limit. This allows you NOT to have to list each individual item sep1rately.

1. What is the difference between Med Pay and General Liability?

Med pay coverage is normally a small amount of 1,000-5,000. This is good will coverage as the business owner does not have to be at fault for the policy to pay an injured partys claim. With liability coverage from 100,000 to 1,000,000 the injured party must prove negligence on the part of the business owner for the policy to pay.

2. Should I have Business Income Insurance?

This coverage provides reimbursement for lost revenue after a coverage loss. Also, most coverages include coverage for the expenses to set up shop at a different location.

1. Is water and sewer backup automatically covered?

This coverage is NOT automatically covered but can be added as an endorsement to your home policy. Also note there are different limits that can be added.

2. Is jewelry covered under my homeowners policy?

Jewelry is NOT covered the same as other household items. There are certain coverage restrictions and value limits. It is best to schedule jewelry items onto the homeowners policy.

1. Am I required to carry WC?

Yes, it is a state law for all employees to be covered by WC for their employer. No waiting period. Hire an employee for 1 hour, still required to cover them with WC.

2. Can my insured employee go to any doctor?

In Indiana the WC carrier and employee can require the injured worker to go for services at the healthcare facility of their choice.

1. What is uninsured/underinsured motorist coverage?

Your auto policy protects you and the people in your car of the event another driver hits you with no or inadequate insurance coverage.

2. What is the difference between Comp and Collision coverage?

Comp is normally non-moving damage, ex: fire, hail, vandalism, falling objects, also hitting an animal.

Collision is normally a moving damage, ex: running into a tree, hitting another vehicle, sliding into another object.

Different deductibles can be used for each.