Beyond economic repair: Insurance Glossary Dictionary II - Beyond economic repair

Definition of Beyond economic repair:

Where the cost of repairing the insured property, e.g. a car, exceeds the market value of that property. In such circumstances the insurer will pay the insured the market value of the insured property at the date of loss, subject to the terms of the policy (assuming the insurer is not under any obligation to provide a replacement).

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The meaning of Beyond economic repair is an excerpt from Lloyd's Insurance Glossary

Visit Lloyds website here: http://www.lloyds.com

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