Replacement value - sustany/dvg GitHub Wiki

Replacement value is the amount an individual would have to pay, at the present time, to replace a particular item, taking into consideration the item's age and condition. Replacement value often comes up in the context of insurance, when an insurer has to ascertain the value of a destroyed or stolen piece of insured property. For example, New York Penal Law � 155.20 allows courts to use replacement value of stolen goods if a market value cannot be determined, stating that value shall be evaluated as �the market value of the property at the time and place of the crime, or if such cannot be satisfactorily ascertained, the cost of replacement of the property within a reasonable time after the crime.�