On Jun 6, 8:22?am, Gene Kearns

An actual cash value (ACV) policy is almost like having no insurance
at all. Insurance companies will allow you to insure an item for any
amount that you dream up, but they will only pay an amount that they
want to.


The interesting aspect of many insurance companies' skinflint behavior
is that it normally applies far more to their own policy holders than
to folks with a claim for damage caused by any specific company's
policy holder. They can be almost generous with a victim.

When a sailboat failed to hit reverse in a timely manner and rammed
its anchor and bow pulpit through my transom several years ago, (the
sailboat was named "Penetration", by the way), the culprit's insurance
company was downright generous. We were scheduled to leave on our long
summer cruise the following week, and obviously the repairs were going
to take a lot longer than that. The perp's insurance company offered
to charter us a similar boat so we wouldn't miss our vacation cruise.
In the end, we did some quick and dirty temporary repairs to be able
to take our own boat......but it was commendable that the insurance
company made the offer.