The term replacement cost or replacement value is the amount that an entity would have to pay to replace an asset (in undamaged condition) at current market prices. In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item.
The term replacement cost or replacement value is the amount that an entity would have to pay to replace an asset (in undamaged condition) at current market prices. In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item.
Source: Wikipedia "Replacement value" · CC BY-SA 4.0
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