What does O&P mean in insurance?
What does O&P mean in insurance?
Overhead and ProfitGeneral Contractors charge for Overhead and Profit (“O & P“) as line items on repair or rebuild estimates. Insurers sometimes balk at paying O & P, but they are legitimate costs of doing business and policyholders are entitled to collect insurance benefits to cover them in most scenarios.
What is roof actual cash value?
What is actual cash value? According to Travelers Insurance, the Actual cash value (ACV) is the value of destroyed or damaged items at the time of loss. For example, if your roof has a lifespan of 20 years and it is 10 years old at the time of loss, then the Actual Cash Value is 50% of the original value of the roof. Nov 23, 2018
How do insurance companies calculate ACV?
Insurance companies calculate ACV by subtracting the depreciation from an item’s replacement cost value.
