Actual Cash Value (ACV)

a)when the damage to property is economically repairable, actual cash value means the cost of repairing the damage, less reasonable deduction for wear and tear, deterioration and obsolescence, b) when the loss or damage to property creates a total loss, actual cash value means the market value of property in a used condition equal to that of the destroyed property, if reasonably available on the used market, c)otherwise, actual cash value means the market value of new, identical or nearly identical property less reasonable deduction for wear or tear, deterioration and obsolescence.


Antique vs. Old

An antique is an object created or produced 100 years or more ago.


Appraisal

If you and your insurance company fail to agree on the amount of actual cash value or amount of loss, either one can demand a determination by appraisal. Each shall select a competent, independent appraiser and notify the other of the appraiser’s identity. The appraisers then select an umpire. The appraiser shall then set the amount of the actual cash value and loss to each item. The umpire settles any disagreement between the appraisers about the value of any item. You are responsible for the cost of your own appraiser. The cost for the umpire is split between you and your insurance company.

If you and your insurance company fail to agree on the amount of actual cash value or amount of loss, either one can demand a determination by appraisal. Each shall select a competent, independent appraiser and notify the other of the appraiser’s identity. The appraisers then select an umpire. The appraiser shall then set the amount of the actual cash value and loss to each item. The umpire settles any disagreement between the appraisers about the value of any item. You are responsible for the cost of your own appraiser. The cost for the umpire is split between you and your insurance company.


Appraiser

A competent, independent, & impartial person who estimates the value of something, such as real estate, jewelry, or rare books. For purposes of insurance appraisal, an appraiser is competent, independent, & disinterested.


Collectible vs. Collection

A collectible is an object suitable for a collection, originally a work of fine art or an antique, items collected as a hobby, for display, or as an investment whose value may appreciate. A collection of items whose value does not appreciate is considered only a collection.


Date of Loss – DOL

This is referring to the exact date your insurance loss took place.


Declarations Page

The Declarations Page of your insurance policy contains all of the critical information about YOUR particular insurance policy. It is the page which tells WHO is the named insured, WHAT is being insured (property address, automobile identification, description of property, etc.), HOW MUCH it is being insured for (policy limits), WHEN the insurance policy is in force (inception and expiration dates), WHO ELSE is named on your policy (mortgage information, additional insureds, etc.), DEDUCTIBLES, COVERAGES, and lots of other information which determines what the actual insurance policy covers.


Depreciation

The reduction in value due to use, obsolescence, age, etc.


Disinterested

Free from bias, prejudice or partiality; not having a pecuniary interest.


Examination Under Oath – EUO

An insurer shall furnish, upon request of any person claiming to have a loss under any insurance contract, forms of proof of loss for completion by such person. But such insurer shall not, by reason of the requirement so to furnish forms, have any responsibility for or with reference to the completion of such proof or the manner of any such completion or attempted completion. If a person makes a claim under a policy of insurance, the insurer may require that the person by examined under an oath administered by a person authorized by state or federal law to administer oaths. This provision is included in most insurance policies, although some of the specific wording may vary depending upon the insurance company and/or policy of insurance.

Downloads

Fraud

An act or instance of deception. If it is proven that you committed fraud during the claims process, your entire claim can be denied.  As the Washington State Office of the Insurance Commissioner says, "It is a crime..." per:  RCW 48.30.230 False claims or proof —Penalty.

(1) It is unlawful for any person, knowing it to be such, to: (a) Present, or cause to be presented, a false or fraudulent claim, or any proof in support of such a claim, for the payment of a loss under a contract of insurance; or (b) Prepare, make, or subscribe any false or fraudulent account, certificate, affidavit, or proof of loss, or other document or writing, with intent that it be presented or used in support of such a claim.(2)(a) Except as provided in (b) of this subsection, a violation of this section is a gross misdemeanor. (b) If the claim is in excess of one thousand five hundred dollars, the violation is a class C felony punishable according to chapter 9A.20 RCW.


Insured Person(s)

You and, if a resident of your household: a) any relative;and b) any person under the age of 21 in your care.


One Year Suit Provision

Suit Against Us. No action shall be brought unless there has been full compliance with all of the policy provisions and the action is started within one year after inception of the loss or damage. This provision is included in most insurance policies, although some of the specific wording may vary depending upon the insurance company and/or policy of insurance. Some policies allow two year deadlines.


Personal Property Coverage

This includes coverage for your furnishings and personal items.


Proof of Loss

The proof of loss is the form upon which you formally submit your claim to the insurance company. Your Proof of Loss will tell the insurance company how much you are asking them to pay you for your loss. Along with your Proof of Loss you will attach any repair estimates, contents inventories, summaries of expenses, and any other documents which help prove your claim. By filing a Proof of Loss you are telling the insurance company that you expect to be paid for your loss. Your Sworn Statement in Proof of Loss is exactly that- a sworn statement that your claim is legitimate. (Anything less than legitimate could be considered fraud, and defrauding an insurance company is a crime.)


Property Damage

Physical injury to, destruction of, or loss of use of tangible property, including loss of its use resulting from such physical injury or destruction.


Replacement Cost Value (RCV)

In case of loss or damage to personal property, replacement cost means the cost, at the time of loss, of a new article identical to the one damaged, destroyed, or stolen. When the identical article is no longer manufactured or is not available, replacement cost means the cost of a new article similar to the one damaged or destroyed and which is of comparable quality and usefulness, without deduction for depreciation.


Special Investigation Unit (SIU)

Special investigation units (SIU) are a division of insurance companies and offices of the insurance commissioner for the purpose of investigating unusual, questionable, and/or suspicious claims, claimants,and/or service providers. See also, National Insurance Crime Bureau (NICB).


Umpire

An impartial person appointed to make an award or a final decision usually when a matter has been submitted to Arbitrators who have failed to agree. An arbitral submission may provide for the appointment of the umpire.

Claim Investigation: 

Pay Proof, Award or Judgement: 

Proof of Loss: 

Claim Withheld Depreciation: 

Terms to know

DISCLAIMER: The information contained in this website is for basic informational purposes only. It is not offered as, and does not constitute legal advice or professional guidance regarding your claim. This website provides only general information about our company, its areas of practice, and links to Washington State law as posted on the website of the Office of the Insurance Commissioner of Washington State. The information contained in our website is subject to change without notice. If you have any questions, need professional assistance, or have specific claims resolution needs, you may contact us directly.

30 days

30 days

60 days from date of loss or request 

180 days from date of loss or

payment of actual cash value claim

Claim Deadlines