Daniel Ballard | Property Insurance Coverage Law Blog | June 11, 2019 The Pennsylvania Supreme Court recently agreed to hear argument on the matter of Kurach v. Truck Insurance Exchange.1 Merlin Law Group blogged about this class action lawsuit back in May of 2017 and the link can be found here. Kurach involves a situation where the insureds had… Continue reading Dispute Whether Contractor Overhead & Profit Should Be Included in Actual Cash Value Payment Will Be Decided by State Supreme Court
Tag: Actual Cash Value
Tennessee High Court Excludes Labor Costs from Insurer’s Actual Cash Value Depreciation Calculations
Michael S. Levine and Geoffrey B. Fehling | Hunton Andrews Kurth | April 24, 2019 The Tennessee Supreme Court has refused to construe an ambiguous definition of actual cash value to allow for deduction of labor costs as part of depreciation calculations where that subset of repair costs are not clearly addressed in the policy. Despite the… Continue reading Tennessee High Court Excludes Labor Costs from Insurer’s Actual Cash Value Depreciation Calculations
Colorado Not Replacing Contractor Overhead and Profit Bulletin
Chip Merlin | Property Insurance Coverage Law Blog | May 20, 2019 The Colorado Department of Insurance will not be repealing its longstanding bulletin requiring that contractor overhead and profit be a part of a calculation to determine actual cash value at tomorrow’s stakeholder meeting in Denver. This is fantastic news for all Policyholders and the correct decision by… Continue reading Colorado Not Replacing Contractor Overhead and Profit Bulletin
Tennessee Supreme Court Holds That Replacement Cost Less Depreciation Does Not Allow for Depreciation of Labor When Calculating Actual Cash Value of a Property Loss
Heidi Hudson Raschke | Property Casualty Focus | May 2, 2019 Insurance policies are designed to indemnify an insured by putting the policyholder in the same position he or she would have been in had no loss occurred. In the context of property insurance policies, damaged property is typically valued based on its estimated actual… Continue reading Tennessee Supreme Court Holds That Replacement Cost Less Depreciation Does Not Allow for Depreciation of Labor When Calculating Actual Cash Value of a Property Loss
How To Adjust Actual Cash Value and Overhead and Profit in Colorado—Colorado To Hold Public Forum For Comments
Chip Merlin | Property Insurance Coverage Law Blog | May 3, 2019 The Colorado Division of Insurance will hold a public stakeholder meeting at the Colorado Division of Insurance in Denver on May 21, 2019, regarding its proposal to eliminate one of its long-standing bulletins requiring insurance companies to pay contractor overhead and profit rather… Continue reading How To Adjust Actual Cash Value and Overhead and Profit in Colorado—Colorado To Hold Public Forum For Comments