In 2005, the plaintiffs purchased a commercial building built in 1965 and carried out extensive renovations. In 2014, a fire gutted the building, which had been insured by the defendant. In the end, the plaintiffs decided not to rebuild. The defendant agreed to compensate them in the amount of $726,709.22, i.e., a sum equivalent to the assessment of the building’s depreciated value at the time of the loss and the cost of demolition work.

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