Apparatus Valuation

The Problem

We have discovered an area in the insurance package offered to all Municipalities that no one has ever addressed; REPLACEMENT COST & ACTUAL CASH VALUE on fully equipped Fire Trucks, Ambulances, Rescue Vehicles and Support Apparatus.

We have found that the value this equipment is written for leaves them SERIOUSLY UNDER INSURED and is mostly supplied by the municipality based on a purchase price from years ago and does not include the CARRIED EQUIPMENT.

In the event of a total loss, our clients are left scrambling to cover the "Actual True Replacement Cost" even after adding the 25% overage usually written into policy.

When the TRUE REPLACEMENT VALUE is known, and the vehicle is insured for same, this SITUATION DOES NOT EXIST.