Can An Insurance Company have it both ways?

[BarbE]

I own a trucking company located in Indiana, I lease equipment from my husband who lives in Kentucky,Equipment is in his name. Recently we had two accidents. The two trucks in question were totalled....
1.The first truck was insured for 25,000, the book value was higher(30,000.00)but since we only had it insured for the lower amount, that is what they paid.
2. The second truck is insured for 68,000.00, but the insurance company says it has a book value of 55,000.00, that is what they want to pay...(not what we had it insured for as in the first case.)
Seems like the Insurance Company is deciding in their favor. Is there a legal way of doing this?

Thanks,Barbara

 

[I AM ALWAYS LIABLE]

I own a trucking company located in Indiana, I lease equipment from my husband who lives in Kentucky,Equipment is in his name. Recently we had two accidents. The two trucks in question were totalled....
1.The first truck was insured for 25,000, the book value was higher(30,000.00)but since we only had it insured for the lower amount, that is what they paid.
2. The second truck is insured for 68,000.00, but the insurance company says it has a book value of 55,000.00, that is what they want to pay...(not what we had it insured for as in the first case.)
Seems like the Insurance Company is deciding in their favor. Is there a legal way of doing this?

Thanks,Barbara

My response:

Basically, there are two types of business insurance policies :

1. Replacement Value; and,

2. Actual Cash Value at time of loss.

I presume you had #2, and the insurance company is only obligated to pay damages to you for property losses in an amount that property was worth on the date of loss.

Check your policy terms and conditions, and your declaration sheet, to determine which policy you had, and what coverages your are entitled to receive.

IAAL