Replacing Lost or Damaged Electronic Devices

When an insurance claim involves technology, the valuation that the lost or damaged item receives can be surprising to the insured. It is important to get the right coverage so there are no disappointments at the claim time.

For years, the cliche about buying a new automobile was that it lost a forth of its value just driving it off the lot. Well, technology can make new cars seem like underachievers. With constant and rapid advancement, a given device may depreciate so rapidly that it has practically entered the category of “disposables.” A model from two years ago might no longer exist, or it might have been replaced by a far more powerful version. Its actual cash value could be almost nothing, and its replacement value could be very low. Moreover, most businesses would prefer to replace it with the newest version.

Our specialists can help you address these problems by finding business property coverage that responds best to your needs. Different insurers offer different programs. Sometimes an endorsement to the policy can be added to meet your specific needs. Call us for a look at your options at 973-773-3710.