Quote:
Originally Posted by jayshum
I thought one of the possible explanations for allowing the auction to continue with the stolen lots was to obtain a price for insurance purposes (whether or not proposed by the insurance company). Why do you think the insurance company wouldn't accept the auction results as legitimate values if there is no evidence of improper bidding?
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The policy language will drive everything but when there is an insured loss valuation is typically a hot button issue, often involving competing experts. The results of a fake auction or any recent auction could be a data point in one side’s arsenal but, depending on policy language, would probably not carry the day.