Bill owns a building and wants to insure it for $5 million. He places $3.5 million with company A, $1.2 million with company B, and $0.3 million with company C. How much does he receive from each company if a $1.8 million loss occurs and there is a pro-rata liability provision in place? How much does he receive from each company if a $1.8 million loss occurs and there is a contribution by equal shares provision in place? show the work for any calculation

Explain why ACV is determined by replacement cost minus depreciation for property. How does this relate to the principle of indemnity? How does this relate to the principle of subrogation?