Edward Eshoo | Property Insurance Coverage Law Blog | April 7, 2017 I recently was involved in a lawsuit in which the insurer paid for some of the costs incurred by the insured in repairing his building following a loss. The insurer’s payment was based on a repair cost estimate prepared by its independent insurance… Continue reading Is a Repair Cost Estimate Relevant When Repairs Are Based on Actual, Incurred Costs?
Tag: Actual Cash Value
Determining Depreciation: The Definition of Actual Cash Value Varies Widely Between States
Chip Merlin | Property Insurance Coverage Law Blog | November 22, 2016 In yesterday’s post, Determining Depreciation–Are Policyholders Getting Ripped Off, I promised to discuss issues of actual cash value and depreciation. The article I am critiquing giving rise to this discussion cited California law regarding actual cash value and then made this statement: In… Continue reading Determining Depreciation: The Definition of Actual Cash Value Varies Widely Between States
Determining Depreciation–Are Policyholders Getting Ripped Off?
Chip Merlin | Property Insurance Coverage Law Blog | November 21. 2016 Many property insurance company adjusters are required by their companies to determine the amount of depreciation to be taken when arriving at amounts of actual cash value. Many are told to determine this amount by determining the replacement cost and then subtracting depreciation.… Continue reading Determining Depreciation–Are Policyholders Getting Ripped Off?
Why Focusing Recovery Efforts on RCV Only Can Prove Disastrous for Insureds Who Fail to Make a Demand and Present Evidence of ACV
Kevin Pollack | Property Insurance Coverage Law Blog | July 27, 2016 My colleague Ed Eshoo recently wrote a blog addressing how Illinois courts follow the Prevention Doctrine (if an insurer prevents or hinders an insured from complying with the condition to repair/replace the property before being entitled to full replacement cost, then the insured’s… Continue reading Why Focusing Recovery Efforts on RCV Only Can Prove Disastrous for Insureds Who Fail to Make a Demand and Present Evidence of ACV
Does Actual Cost Value Equal Fair Market Value When it Comes to Property Damage?
Denise Sze | Property Insurance Coverage Law Blog | April 27, 2016 When reading insurance policies it can be confusing to a policyholder regarding the differences in valuation of real property and personal property when terms like “fair market value”, “actual cost value”, and “replacement cost value” are referenced without explanation. Insurance companies use these… Continue reading Does Actual Cost Value Equal Fair Market Value When it Comes to Property Damage?