06-01-2017 11:52 AM
What is the difference between reinstatement value basis and indemnity basis?
06-01-2017 12:06 PM
Reinstatement means that the insurer will pay the cost of reinstatement to reinstate the property which is equal to but not better than the property damaged or lost. Indemnity means the insurer will deduct depreciation from cost of reinstatement to arrive at amount of payable claim.