 |
In most cases, insurance companies have the
option to replace the item, if possible, through their vendor
of choice. They do this because they generally can replace
your item at less cost because of their ongoing business
relationship with a specific vendor. Should you decide not to
replace the item, your insurer may pay you only the amount
that they would have spent to replace the item through their
vendor. Fine art items are generally covered for the scheduled
amount in the policy.
Source: Massachusetts Department of Insurance
|