AAIS Form CP-608 Funtional Replacement Cost

[lauraco67]

I need help figuring out how to fill out the AAIS Funtional Replacement Cost form CP-608. There are two columns listed as "Functional Replacement Cost" and "Limit". What is supposed to be listed under each of those columns?

 

[BIG RED IS BACK]

I need help figuring out how to fill out the AAIS Funtional Replacement Cost form CP-608. There are two columns listed as "Functional Replacement Cost" and "Limit". What is supposed to be listed under each of those columns?

What in the world are you talking about?

 

[cottonland]

The limit required to replace the structure with a different type that provides the same functionality as the one insured. Limit will probably be much lower than the actual replacement cost, however rate is probably a little higher.

 

[lauraco67]

The ISO form for Functional Replacement Cost is simple- it only has a column for "Functional Replacement Cost". The AAIS form CP-608 Functional Replacement Cost, however, has one column where you list the "Functional Replacement Cost" and another column where you list the "Limit". We are having a debate over what to put in each of the columns. What is the difference between the number listed under "Limit" and the number listed under "Functional Replacement Cost"? Does the "Limit" have something to do with policy limits or does it relate to something else?

 

[BIG RED IS BACK]

The ISO form for Functional Replacement Cost is simple- it only has a column for "Functional Replacement Cost". The AAIS form CP-608 Functional Replacement Cost, however, has one column where you list the "Functional Replacement Cost" and another column where you list the "Limit". We are having a debate over what to put in each of the columns. What is the difference between the number listed under "Limit" and the number listed under "Functional Replacement Cost"? Does the "Limit" have something to do with policy limits or does it relate to something else?

no idea what you are talking about, but it sounds like it could be a carrier specific thing, some will use a certain one and others will use a different one,

Call your U/w

 

[cottonland]

I would assume, the FRC column is where the actual "functional limit" limit is listed. The "limit" column is where the limit of ins is listed. If i remember correctly, the form carries an 80% co-ins requirement, but you could probably buy it down. I would check with UW.

 

[Accelerated]

The first column should break out the building and premises and the limit column should contain the policy limits.