Question: Declan has a PAF that includes up to $ 5 , 0 0 0 in coverage for musical instruments. On January 1 , he bought

Declan has a PAF that includes up to $

5, 000

in coverage for musical instruments. On January

1,

he bought a brand new oboe for $

4, 000 .

Since he was so busy with rehearsals, he never got around to reporting the new instrument to his insurer before the instrument was destroyed in a fire on February

2 .

The oboe had only depreciated $

100

at the time of the fire. How much will Declan's PAF pay for his destroyed oboe?

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