Under an ACV Inland Marine Insurance Policy, should depreciation be
taken on a repair of a partial loss to machinery?

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Request for Question Clarification by weisstho-ga on 15 May 2002 06:58 PDT

Is "ACV" the insurer or the underwriter? Does the policy have an "ISO"
code or number on it?

Typically the law of insurance requires strict conformance with the
terms of the policy as written. Although there is nothing worse (or at
least few things worse) than reading the fine print in an insurance
policy, a review of the provisions might provide the information you
are seeking.

Finally, what state are you located in, and in what state did the loss
occur?

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Clarification of Question by dave0533-ga on 15 May 2002 07:51 PDT

ACV Stands for Actual Cash Value.  The loss occurred in Arkansas.  The
endorse,ement is a standard ISO cm0001, endorsed with a IM 2105 form. 
The equipment has an Insured value of 250,000 and had a fire.  The
machine has a life between overhauls of  about 14,000 and at the time
of the fire had approximately 10,000 operating hours.  The repair cost
was 167,000 of which most of the parts cost are for items subject to
wear and tear (engine, hydraulic pumps, belts ,etc.) .

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Request for Question Clarification by helpline-ga on 21 May 2002 13:03 PDT

Hi -

I have the CM0001 form, but can't seem to locate IM2105.  Do you have
the title of the form and the edition date?  It may be a
company-specific form - who's the insurer?

Thanks!

...Steve