Overhead and Profit Must Be Included In Replacement Cost Policy Payout
In Trinidad v. Florida Peninsula Insurance Company, (Florida Supreme Court, SC11-1643, July 3, 2013) the Florida Supreme Court took up the issue as to whether a property owner was required to actually carry out repairs before being entitled to payment from its insurer for reasonable overhead and profit that would otherwise be incurred in retaining a contractor to carry out such repairs, when the loss was covered by a replacement cost policy. The Supreme Court held that the insured was entitled to such payments as long as they could show that they would be reasonably likely to require a contractor to carry out such repairs. Read More . . .
