Tag: Actual Cash Value

Defining Indemnity in the Context of Actual Cash Value Calculations

Jonathan C. Held and Heidi Hudson Raschke | J.S. Held “The basic premise of traditional property insurance is the concept of indemnity. The insured who suffers a covered loss is entitled to receive full, but not more than full, value for the loss suffered, to be made whole but not be put in a better… Continue reading Defining Indemnity in the Context of Actual Cash Value Calculations

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