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Assume the acv of the building at the time of the loss

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A business has a BPP policy with an $5,000,000 limit on its building with an 80% coinsurance provision and a $500,000 per occurrence deductible. The building is insured based on its Actual Cash Value (ACV). If the business policyholder suffers a $2,000,000 property loss, how much will it receive from its property insurance company for this loss. Assume the ACV of the building at the time of the loss was $8,000,000.

Reference no: EM132419919

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