Verisk Insurance Solutions, a unit of Verisk Analytics announces the integration of commercial property characteristics into its 360Value product, a replacement cost estimator for residential, commercial, and agricultural properties.
What does RC stand for?
RC stands for Replacement Cost (insurance)
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of RC
We have 187 other meanings of RC in our Acronym Attic
- Release Complete (ITU-T Rec. I.451)
- Religious of the Cenacle (religious order)
- Remedial Construction
- Remote Client
- Remote Component
- Remote Control
- Renewal Community (various locations)
- Repair Coordinator
- Repeat Counter
- Repeated Contraction
Samples in periodicals archive:
Property- Difference Specific Data Between Replacement Cost Estimate and Actual Claim Average Median Full data set 1.
2006-14, which provides heavy equipment dealers with a safe-harbor accounting method for using the replacement cost method for valuing heavy equipment parts inventory.
You should have replacement cost coverage--enough to completely rebuild your house, if necessary," says Jeanne Salvatore, vice president of consumer affairs at the Insurance Information Institute in New York City.
Local contractor replacement cost estimates eliminate some of the problems with the valuation models and can accurately reflect the cost of labor and materials in your area.
The first step of valuation is to determine the replacement cost of the asset.
Since there is a general agreement as to the replacement cost formula, whether a particular reproduction functional obsolescence formula is correct, is easily determined mathematically.
Replacement cost insurance does cover the cost of rebuilding.