It's no wonder

[cdthayer]

The insurance policy for my little shop came a few days ago, and I always skim through stuff like that while I’m on my throne in the mornings.  I noticed that I now have a new “Endorsement” on my policy called “Actual Cash Value”.  It essentially means that from now on, when calculating benefits for replacement of any covered damage, the damage will be reduced for depreciation for such “considerations as age, condition, reduction in useful life, obsolescence, and any pre-loss damage including wear, tear, or deterioration”.

My building is one of the oldest downtown buildings that were built when our town was established.  I’m not exactly sure when that was, but the words “age”, “obsolescence”, “wear”, and “tear” will probably apply to all of the old downtown buildings, including mine.

I had to chuckle about the page or two ahead of this new endorsement page that still had the normal chit-chat about as the purchaser of the insurance I should always consider the replacement cost when selecting coverage, and have the ability to determine the amount of coverage that I want to purchase.  Yea, sure.

It sounds to me like I just became uninsured even though I pay for insurance......

CD in Oklahoma