Jennifer Van Voorhies | Property Casualty Insurance Law Blog | April 12, 2018 One of the most common questions we hear from our clients has to do with the differences between “actual cash value” and “replacement cost value.” Replacement cost value on its face seems relatively straight forward, but what is “Actual Cash Value” determined… Continue reading The Proper Standard for Evaluating “Actual Cash Value” Under New Jersey Law
Tag: Replacement Cost Value
An Insurer’s Obligation to Match: Comparable Materials and Quality
Jonathan Bukowski | Property Insurance Coverage Law Blog | August 30, 2017 Policyholders purchase property insurance and pay lofty premiums with the intention of their insured property being restored to where it was prior to a loss. But what happens when the loss affects only a portion of the siding or has destroyed only a… Continue reading An Insurer’s Obligation to Match: Comparable Materials and Quality
Update on Labor Depreciation Class Actions
Wystan Ackerman | Robinson & Cole | August 14, 2017 There have been two recent federal district court decisions in the widespread class action litigation involving the application of depreciation to the labor cost component of replacement cost value on property insurance claims. (For background on this issue, see my February 21, 2017 blog post.) The… Continue reading Update on Labor Depreciation Class Actions
In California, Can an Insured Homeowner Recover Full Replacement Cost by Purchasing a Home at Another Location?
Stephanie Poll | Property Insurance Coverage Law Blog | June 25, 2017 The short answer is yes. In Conway v. Farmers Home Mutual Insurance Company, the California Court of Appeal followed several out-of-state authorities in considering the issue and ruling in favor for the insured.1 Chip Merlin raised this issue with respect to Texas back in 2009 –… Continue reading In California, Can an Insured Homeowner Recover Full Replacement Cost by Purchasing a Home at Another Location?
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