Question
What is the name of your state? Georgia
Policy says it covers "property of others that is in your care, custody or control. However, this property is not covered for more than the amount for which you are legally liable"
Items covered were being leased and our company has no use for the items anymore, and therefore does not want them replaced, and replacement value is much less than our liability to lessor. Is insurance company obligated to cover only the replacement value or our outstanding liability to lessor?
Thanks
Answer
The lesser of the two.