While I was working, I came across this.. The nbv of insurance is divided by the nbv of assets insured to arrive at coverage %.. What exactly is the nbv of insurance? How does it actually work?
If I have an asset with a book value of 700,000 and it’s insured for 500,000, then when I want to claim for damage to the asset I can only claim 5/7 ths the cost of repair