Having done some work with insurance subrogation, keeping any part of an insured loss will reduce the award. Trust me, insurance companies have people, sometimes lawyers, whose entire function in life is to figure out how not to pay claims. For instance, if you were to have an auto accident, they will either pay for repairs, or "total" it out, paying you a portion of your car's worth. If it's "totaled" and you decide to keep it and repair it, they will reduce your insurance payment by the "salvage" value of the vehicle - which is how much the insurance company says it's worth. I have no doubt that with the "thinking" of the average insurance company, the ability to simply dust off the iron and steel parts and rebuild the caboose, they would have simply paid for the depreciated value of the wood and labor costs to rebuild it. My guess is they would have found the depreciated value of the wood as being "fully" depreciated...
Robert
Edited 1 time(s). Last edit at 07/29/2016 06:09PM by rdamurphy.