Partnership is Powerful
Call Today!
800-244-9046

Replacement Cost, Functional Building Valuation and Actual Cash Value

Replacement Cost

An optional method for settlement of covered property losses in which the damaged property is repaired/replaced without any deduction for depreciation. In order to collect under the Replacement Cost provision, the damaged property must be repaired/replaced, otherwise the loss will be paid on an actual cash value basis.

Functional Building Valuation

This is an optional method of settling a covered property loss. With this endorsement, a loss would be settled on the basis of the cost to replace the damaged building, in the event of a total loss, with a less costly building that is functionally equivalent to the damaged building. In the case of a partial loss, repairs would be made with less costly materials in the architectural style that existed prior to the loss. 

Actual Cash Value

For insurance loss settlement purposes, Actual Cash Value is defined as today's replacement cost of the damaged property LESS accumulated physical depreciation. This is the standard provision for settling losses under a commercial property policy.

T: 800-244-9046
F: 866-274-0005
51 Main Street
Waterville, Maine 04901
Get Directions
34 Center Street
Auburn, Maine 04210
Get Directions
Need to Make a Claim?

Acadia Insurance
800-244-9446

Allstate
Report Online
800-255-7828

Dairyland Insurance
Auto: 800-225-1390
Cycle: 800-325-9559

Foremost Insurance Group
Report Online
800-527-3907

The Hanover Insurance Group
Report Online
800-628-0250

The Hartford
Report Online
800-243-5860
Business Insurance: 800-327-3636

Jewelers Mutual Insurance Company
Report Online
800-558-6411

MEMIC
Report Online
800-636-4292

MMG Insurance
888-343-0533 (M-F, 8:00-4:30)
888-869-8700 (after hours)

Patriot Insurance Company
Report Online
866-460-1776

Patrons Insurance
800-542-7032

Peerless Insurance
800-522-7152

Philadelphia Insurance Companies
800-873-4552

Progressive
Report Online
800-776-4737

Travelers
Report Online (Personal)
Personal Insurance: 800-252-4633
Report Online (Business)
Business Insurance: 800-832-7839

Union Mutual of Vermont
Report to GHM: 207-873-5101

Want to Pay a Bill?

Acadia Insurance 
Call GHM: 800-244-9046

Allstate
Pay Online
800-901-1732

Dairyland Insurance
Auto: Pay Online
Auto: 800-2334-0090
Cycle: Pay Online
Cycle: 866-324-7952

Foremost Insurance Group
Pay Online
800-532-4221

The Hanover Insurance Group
Pay Online
800-573-1187

The Hartford
Pay Online
800-624-5578

Jewelers Mutual Insurance Company
800-558-6411

MEMIC
Pay Online
800-660-1306

MMG Insurance
Pay Online
888-664-2455

Patriot Insurance Company
Personal: Pay Online
Business: Pay Online

Patrons Insurance
Pay Online
866-611-7887

Peerless Insurance
Pay Online
800-228-7830

Philadelphia Insurance Companies
Pay Online
877-438-7459

Progressive
Pay Online
800-776-4737

Travelers
Pay Online
800-842-5075

Union Mutual of Vermont
Pay Online

 

Frequently Requested Forms

Coming soon...

"My husband and I have worked with GHM insurance for over three years now and are delighted with the work carried out so far. GHM provides our restaurant, The Last Unicorn, insurance that is tailored to our business. GHM always responds to our questions immediately and addresses any problems in a prompt and professional manor. We have recommended GHM insurance to colleagues in the past and will have no hesitation in recommending GHM insurance to any business that requires their insurance to be handled correctly and efficiently."

Fred & Amy Ouellette