Alycen A. Moss | Property Insurance Law Observer | June 20, 2017 In February, the Nebraska Supreme Court held that it is acceptable for insurance companies to depreciate labor costs when determining the actual cash value (ACV) of damaged property, even when the insurance policy does not define “actual cash value” or “depreciation.” See Henn v.… Continue reading Depreciation of Labor Costs When Determining Actual Cash Value: Henn v. American Family
Category: Property Damage
Does Actual Cash Value Mean Fair Market Value or Replacement Cost minus Depreciation?
Kevin Pollack | Property Insurance Coverage Law Blog | June 4, 2017 What is an insured, who has an “actual cash value” property insurance policy, entitled to recover when their property is damaged, but not a total loss? Is the insured entitled to the cost to repair/replace the property minus depreciation? Or is the insured’s… Continue reading Does Actual Cash Value Mean Fair Market Value or Replacement Cost minus Depreciation?
The Interplay Between Property Damage Caused by an Explosion and Coverage
Stephanie Poll | Property Insurance Coverage Law Blog | June 9, 2017 Insurance provisions related to explosions, like all other terms, are subject to the rules of construction applied to all insurance contracts. Typically, property damage caused by explosions is covered under the policy. However, some policies may expressly define the term “explosion” to exclude… Continue reading The Interplay Between Property Damage Caused by an Explosion and Coverage
Is Evidence of a Liability Insurer’s Investigative Findings Admissible in a Third-Party Property Damage Claim?
Kevin Pollack | Property Insurance Coverage Law Blog | June 12, 2017 Assume a homeowner suffers damage as a result of a construction professional’s negligence. After the homeowner notifies the construction professional of the damage, the construction professional puts his liability carrier on notice and advises the homeowner that the liability insurer will investigate the… Continue reading Is Evidence of a Liability Insurer’s Investigative Findings Admissible in a Third-Party Property Damage Claim?
Repair Cost Exceeding Actual Cash Value Does Not Establish “Total Loss” Under Fire Insurance Policy
Christopher Kendrick and Valerie A. Moore | Haight Brown & Bonesteel LLP | May 31, 2017 In California FAIR Plan Assn. v. Garnes (No. A143190, filed 5/26/17), a California appeals court ruled that “total loss” under Insurance Code section 2051 refers to physical damage or loss, not the economic fact that the cost of repair exceeds the… Continue reading Repair Cost Exceeding Actual Cash Value Does Not Establish “Total Loss” Under Fire Insurance Policy