Do not trust advice you get here on things like this. We don't know Indiana
law or your insurance policy.

Call the insurance company and ask what the endorsement means. Do not
mention the $7,500 bid unless they ask. (and... I would hesitate to hire
the $7,500 bid unless you are darn sure he is good and understands the job.
It might well be a "oh, you wanted it straight? I couldn't make it straight
for that price, sorry." But that's just me.)