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Video Summary
In this Quick Bytes episode by IMUA, experts from Selective Insurance discuss the impact of COVID-19 on contractors' equipment valuation. They highlight the importance of accurate valuation, resources for determining values, policy options like actual cash value or replacement costs, and the significance of the coinsurance clause. The discussion also touches on the insurance of leased and rented equipment, emphasizing the need for confidence in limits. The experts provide examples of valuation challenges and recommend utilizing safety management departments for guidance. IMUA offers educational resources for further learning on contractors' equipment valuation.
Asset Caption
Maruman and Punk
Keywords
contractors' equipment valuation
COVID-19 impact
insurance policy options
coinsurance clause
leased and rented equipment
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