Insured Makes Sufficient Claim For Actual Cash Value Payment

Tred R. Eyerly | Insurance Law Hawaii     The court denied, in part, the insurer’s motion for summary judgment that argued the insured made an insufficient showing of entitlement to Actual Cash Value (ACV) payments under the policy. RR Restoration, LLC v. Empire Indem. Ins. Co., 2023 U.S. Dist. LEXIS 129388 (M.D. Fla. July 16,… Continue reading Insured Makes Sufficient Claim For Actual Cash Value Payment

Missouri Takes A Stand On Depreciation

Alycen A. Moss and Dakota Knehans | Property Insurance Law Observer On June 28, the Missouri Court of Appeals upheld a lower court’s decision finding Lexington Insurance Company (“Lexington”) breached its policy with homeowner Cynthia Franklin. Franklin’s home has sustained damage in a May 2016 storm for which she submitted a claim with Lexington. Lexington… Continue reading Missouri Takes A Stand On Depreciation

ACV And RCV: Are Courts Respecting The Difference?

Mary Alice Jasperse | Drew Eckl & Farnham A continual issue that our clients have seen is for contractors and public adjusters to attempt to blur the distinction between ACV and RCV figures in an effort to recover RCV upfront and without incurring the RCV expenses. In appraisal, this circumstance can arise when a policyholder demands appraisal… Continue reading ACV And RCV: Are Courts Respecting The Difference?

Paying Overhead and Profit in First-Party Claims

Gary Wickert | Claims Journal | October 31, 2019 Standard homeowner policies pay personal property claims at actual cash value (ACV), which is the replacement cost (RC) of the damaged property based on its current used condition. In other words, it is valued at what it would cost to replace the property at today’s cost… Continue reading Paying Overhead and Profit in First-Party Claims

Think Twice About Depreciating Repair Costs in Our State, says the Tennessee Supreme Court

Andres Avila | SDV Insights | June 11, 2019 Tennessee’s Supreme Court recently held that an insurer may not withhold repair labor costs as depreciation when the policy definition of actual cash value is found to be ambiguous. Tennessee joins other states like California and Vermont that prohibit the depreciation of repair labor costs in… Continue reading Think Twice About Depreciating Repair Costs in Our State, says the Tennessee Supreme Court

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