CIP

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Values Insured

• Furniture and equipment is insured at its current replacement cost less depreciation

• Merchandise is insured at its cost price

• NPF owned vehicles are insured for their actual cash value (or fair market value) as at the date of loss or damage

• Buildings are insured on the basis of replacement cost on the date of loss without deduction for depreciation. If a building is lost by fire, etc, but is not replaced, settlement of the claim will be on the basis of the actual cash value (ACV). ACV is the current replacement value less depreciation.