Hope all is well. I had a question for you about insurance (it could become a blog topic :) )
My client has a 8 copiers on a 60 month lease with insurance coverage from the leasing firm. In month 24, one of the copier was damaged by a flood situation.
Simultaneously they had also closed one division, so technically they now only need 7copiers.
Is it possible that the lease company receive the payment for damage from the insurance company and thereafter adjust the lease to now reflect a lower payment for 7 copiers?
Or does my client have to get a new copier to replace the old one? (assuming at no extra cost to them)
Thanks for your help.