Shane Smith | Property Insurance Coverage Law Blog | February 22, 2015 Since many attorneys in our firm are litigating numerous Superstorm Sandy claims on behalf of policyholders in New Jersey and New York, this week’s post on calculating actual cash value will focus on these two states. To determine actual cash value, New Jersey courts… Continue reading Calculating Actual Cash Value, Part 5: New Jersey and New York
Tag: Actual Cash Value
Calculating Actual Cash Value, Part 5: Texas
Shane Smith | Property Insurance Coverage Law Blog | February 8, 2015 Texas courts have defined actual cash value as “repair or replacement costs less depreciation.”1 However, a Texas appellate court noted that actual cash value of property is equivalent to and synonymous with the fair market value of the property.2 Whether labor or overhead and… Continue reading Calculating Actual Cash Value, Part 5: Texas
Depreciation of Labor When Calculating Actual Cash Value: The Great Divide
Whether labor costs can be depreciated when determining the actual cash value of a covered loss is an issue that comes up frequently for policyholders and those who represent them. I recently researched the issue and was surprised to find the paucity of case decisions across the country that touch on the subject. I know… Continue reading Depreciation of Labor When Calculating Actual Cash Value: The Great Divide
Calculating Actual Cash Value, Part 4: Louisiana
Shane Smith | Property Insurance Coverage Law Blog | January 25, 2015 After attending the 16th Annual Windstorm Insurance Conference in New Orleans this past week along with many of my colleagues, I thought it appropriate to review the calculation of actual cash value in Louisiana. Louisiana courts calculate actual cash value as replacement cost less… Continue reading Calculating Actual Cash Value, Part 4: Louisiana