Does replacement cost include labor?
Does replacement cost include labor? REPLACEMENT COST NEW The amount required to reproduce the entire property in like utility and function. It is based on current market prices for materials, labor, equipment, contractor's overhead, profit and fees. It does not include provisions for overtime, bonuses, or premiums on materials. Does insurance depreciate labor? Additionally, other states such as California[4], Montana[5], and Vermont[6] have established by regulation, statute, or via the insurance department that labor cannot be depreciated when calculating actual cash value. What's the difference between reproduction and replacement cost? REPRODUCTION COST The amount required to reproduce a duplicate of...