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Real Estate
Reply to "contractor broke our boiler...advice needed!"
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[quote=Anonymous][quote=Anonymous]I'd ask whether the bonded and insurance policy the contractor holds provides for replacement value. To the pps: The boiler didn't "fail" - it was broken. That it was 75 yo is immaterial. I'd demand to talk to the insurance company.[/quote] That it was broken and didn't fail is irrelevant. Even talking with insurance, all they will offer is the fair market value, not the replacement value. With depreciation, you'll find that what the contractor offered is reasonable because essentially the boiler was worth nothing. It was working, but it had long since lost all of its value. You can argue, but you won't get anywhere. I've been in similar situations and you get very little but a lot of headache. You'll get more negotiating with the contractor to have it replaced.[/quote]
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