Shane Smith | Property Insurance Coverage Law Blog | July 5, 2017 In Montana, a jury may consider all relevant evidence when determining the actual cash value of the property damaged or destroyed.1 Under the broad evidence rule, the trier of fact “may consider any evidence logically tending to the formation of a correct estimate of… Continue reading Calculating Actual Cash Value, Part 26: Montana
Tag: Actual Cash Value
Depreciation of Labor Costs When Determining Actual Cash Value: Henn v. American Family
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
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?
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
Are Insurers Required to Pay Overhead and Profit for Payments Made on Actual Cash Value Basis?
Kevin Pollack | Property Insurance Coverage Law Blog | May 1, 2017 A recent class action lawsuit filed in Pennsylvania1 raised an issue that policyholder advocates and public adjusters see all over the country – insurers that try to exclude overhead and profit from property damage claim payments made on an actual cash value basis.… Continue reading Are Insurers Required to Pay Overhead and Profit for Payments Made on Actual Cash Value Basis?