What does RC mean in insurance?

What does RC mean in insurance?

REPLACEMENT COSTREPLACEMENT COST (RC) Replacement Cost coverage allows claims to be settled with reimbursable depreciation. The value of the loss is determined to be $30,000. The deductible is $3,000. The insurance company will pay no more than $27,000. Aug 6, 2020

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 does RVC stand for in insurance?

Replacement Cost ValueActual Cash Value (ACV) May 6, 2020