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ABEN Basics of Property Values and Coinsurance Conditions

ABEN Basics of Property Values and Coinsurance Conditions

Instructor Christopher Boggs
3 CE (PC,BR,C3,PA) NYCR-258934

Session 8
Replacement cost ain’t always replacement cost. Yes, I know that is poor English – but the point is, replacement cost isn’t as simple as new stuff for old junk. There are many caveats and limitations to full replacement cost (if there is such a thing). Key concepts that must be understood when property valuation is discussed include: actual cash value (ACV); the broad evidence rule; and indemnification.

But what happens if the property limits are too low? Property policies contain a Coinsurance Condition requiring the insured to carry a certain minimum amount of coverage to enjoy full coverage on partial losses. If the insured does not have the requisite limits, they could be penalized.

In this session we detail:

  • Key property valuation definitions such as actual cash value, replacement cost, market value, the broad evidence rule, and insurable interest
  • The various “values” assignable to property
  • Why replacement cost isn’t really replacement cost
  • The requirements created by the coinsurance condition
  • Why coinsurance exists
  • What would happen if coinsurance didn’t exist
  • The coinsurance calculation
  • Truths about coinsurance

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You can find commonly asked questions at ABEN Support.


For Personal and Commercial Lines Agency Staff

Big I NY Members: $84 per person
Non-Members: $120 per person

Please note, you will register on the ABEN website with a separate ABEN login and password

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Questions? Contact ABEN at or 877-602-9877

Per the New York Department of Financial Services, you cannot receive CE credit for any course previously used for your license renewal (based on the course approval number).
Per the Connecticut Insurance Department, a course can be taken for CE one time in the current license period.  It may be taken again in a subsequent license period.

5/23/2024 1:00 PM - 4:00 PM
Online-at Your Desk
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