{"id":892705,"date":"2017-08-09T15:23:55","date_gmt":"2017-08-09T21:23:55","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=892705"},"modified":"2017-08-09T15:23:55","modified_gmt":"2017-08-09T21:23:55","slug":"calculating-actual-cash-value-part-28-nevada","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/calculating-actual-cash-value-part-28-nevada\/","title":{"rendered":"Calculating Actual Cash Value, Part 28: Nevada"},"content":{"rendered":"

Shane Smith | Property Insurance Coverage Law Blog<\/a> | August 2, 2017<\/p>\n

There are two relevant cases that have addressed how to calculate actual cash value in Nevada: Replacement Cost Less Depreciation.<\/p>\n

The first case is a Ninth Circuit Court of Appeals opinion,\u00a0Sierra Pacific Power Company v. Hartford Steam Boiler Inspection & Insurance Company<\/em>.1<\/sup>\u00a0Here, the insured sought replacement cost value for the insured property, a dam, which was destroyed by a flood. The insurer contended that it was not liable to pay the replacement cost since the dam was not rebuilt within two years from the date of loss. The policy provided, \u201cin the event of loss or damage to property which is not repaired, rebuilt or replaced within two years from the date of loss or damage, the company shall not be liable for more than the actual cash value\u2026of the property destroyed.\u201d The\u00a0Sierra<\/em>\u00a0court determined that the actual cash value for the dam is determined using replacement cost reduced by the appropriate depreciation and cited the Nevada Supreme Court\u2019s opinion in\u00a0Richfield Oil Corp. v. Harbor Insurance Company<\/em>.2<\/sup><\/p>\n

In\u00a0Richfield Oil Corp.<\/em>, the court explained that the only evidence of actual cash value presented at trial was replacement cost (estimated actual replacement) less depreciation (\u201cthe cost of repairs which would be necessary to restore the building to its former condition less depreciation\u201d). The appellant made no objection to this methodology at trial and offered no contrary evidence supporting any different measure. Therefore, under these circumstances, the court perceived no \u201cerror\u201d in applying this standard and reasoned: \u201cMany courts in insurance cases favor this method as the test for arriving at the actual cash value of a building.\u201d3<\/sup>
\n__________
\n1<\/sup>\u00a0Sierra Pac. Power Co. v. Hartford Steam Boiler Inspection & Ins. Co.<\/em>, 0304-CV0034-LRH-RAM, 2007 WL 2407037 at *5 (D. Nev. Aug. 20, 2007).
\n2<\/sup>\u00a0Richfield Oil Corp. v. Harbor Ins. Co.<\/em>, 452 P.2d 462, 467 (Nev. 1969).
\n3<\/sup>\u00a0Id.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Shane Smith | Property Insurance Coverage Law Blog | August 2, 2017 There are two relevant cases that have addressed how to calculate actual cash value in Nevada: Replacement Cost Less Depreciation. The first case is a Ninth Circuit Court of Appeals opinion,\u00a0Sierra Pacific Power Company v. Hartford Steam Boiler Inspection & Insurance Company.1\u00a0Here, the… Continue reading Calculating Actual Cash Value, Part 28: Nevada<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-892705","post","type-post","status-publish","format-standard","hentry","category-insurance-estimates","entry"],"jetpack_publicize_connections":[],"yoast_head":"\nCalculating Actual Cash Value, Part 28: Nevada - Advise & Consult, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.myconstructionexpert.com\/blog\/calculating-actual-cash-value-part-28-nevada\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calculating Actual Cash Value, Part 28: Nevada - Advise & Consult, Inc.\" \/>\n<meta property=\"og:description\" content=\"Shane Smith | Property Insurance Coverage Law Blog | August 2, 2017 There are two relevant cases that have addressed how to calculate actual cash value in Nevada: Replacement Cost Less Depreciation. 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