BUSINESS

How is replacement cost calculated?

Because it takes into account both the asset’s current market price and any costs associated with replacing it, the replacement cost typically exceeds the original price. Since it is assumed that the policyholder will use new materials to replace or repair the property, depreciation is not included in replacement costs. In the event of a […]

BUSINESS

Utah’s penalties for driving without car insurance.

Are you being electronically tracked by your insurance company? Updated on May 23, 2022 by Emily Delbridge, reviewed by Eric Estevez, and checked for accuracy by David Rubin in this article, “What Auto Insurance Is Required by Utah?” Is your auto insurance monitored in Utah? Utah Penalties for Driving Without Insurance If You Get into […]

BUSINESS

The Costs of Being Underinsured Your assets may not be adequately protected by the minimum liability insurance required by your state.

A typical one-week hospital stay costs $70,000, according to the Centers for Medicare and Medicaid Services of the United States. Medical expenses can skyrocket if multiple people get hurt. The financial costs of a serious injury sustained in a car accident may exceed medical expenses and include administrative costs and lost wages. According to the […]