Guaranteed replacement cost coverage insurance(redirected from Guaranteed Replacement Cost Insurance)
Guaranteed replacement cost coverage insurance
Guaranteed Replacement Cost Coverage Insurance
An insurance policy in which the insurer will pay the entire cost of replacing the insured asset if it is damaged or destroyed. That is, there is not maximum benefit on the policy; the insurer simply pays the replacement cost regardless of what it is. Importantly, a guaranteed replacement cost coverage plan does not take depreciation into account.