Which of the following property coverages under the Businessowners policy is true?

The correct response to the property coverage under the Businessowners policy is based on the principle of Actual Cash Value (ACV) for personal property. Under a standard Businessowners policy, personal property such as furniture, equipment, and inventory is typically covered at its ACV, which is calculated as the replacement cost minus depreciation. This means that in the event of a loss, the insured would receive a payment reflecting the value of the items at the time, accounting for wear and tear.

In contrast, replacement cost coverage would allow for recovering the full cost necessary to replace an item without depreciation factors, which generally applies to buildings under certain conditions but not to personal property under a standard Businessowners policy. The coverage for property in transit usually depends on specific endorsements or separate policies, indicating that there may not be coverage unless specified. For rare or unique items, while higher limits may be possible, these items often require special coverage to ensure adequate protection, and a standard policy might not automatically provide this.

Therefore, the reference to ACV on personal property accurately reflects how coverage is typically structured within a Businessowners policy, making it the correct choice in this context.