Kevin Pollack | Property Insurance Coverage Law Blog | April 26, 2016 In a key win for policyholders in California, a California state court trial judge recently found that insurers must consider the actual condition of personal property at the time of a loss when determining the property’s actual cash value. The case arose from… Continue reading Depreciation of Property to Determine Actual Cash Value is Different in California
Tag: Actual Cash Value
Connecticut Values Actual Cash Value as Replacement Cost Value Minus Depreciation
Jason Cieri | Property Insurance Coverage Law Blog | April 5, 2016 The Broad Evidence Rule has been used in Connecticut to calculate Actual Cash Value (ACV) on property damage cases since 1959.1 That all changed in 2011 when the Connecticut House of Representatives passed Substitute House Bill No. 6238. This bill nullified the Broad Evidence… Continue reading Connecticut Values Actual Cash Value as Replacement Cost Value Minus Depreciation
Calculating Actual Cash Value, Part 18: Minnesota
Shane Smith | Property Insurance Coverage Law Blog | February 21, 2016 In Minnesota, The broad evidence rule determines “actual cash value.”1 In Wilcox v. State Farm Fire and Casualty Company,2 the Minnesota Supreme Court recently ruled that in the absence of specific language in a policy identifying a method of calculating actual cash value… Continue reading Calculating Actual Cash Value, Part 18: Minnesota
Wilcox v. State Farm: Minnesota Supreme Court Decision In Labor Depreciation Class Action
Wystan Ackerman | Robinson & Cole | February 10, 2016 Today the Minnesota Supreme Court issued its opinion in Wilcox v. State Farm Fire & Casualty Company, a putative class action alleging that State Farm, in estimating the “actual cash value” of property damage under homeowners’ insurance policies, improperly applied depreciation to the labor component… Continue reading Wilcox v. State Farm: Minnesota Supreme Court Decision In Labor Depreciation Class Action
Depreciating Labor is Against Public Policy When Calculating Actual Cash Value
Chip Merlin | Property Insurance Coverage Law | December 14, 2015 The Arkansas Supreme Court ruled last week that depreciating labor is against public policy when calculating the actual cash value of a loss. This was despite insurance policy language permitting the practice. This will undoubtedly generate class action lawsuits against insurers engaged in this practice… Continue reading Depreciating Labor is Against Public Policy When Calculating Actual Cash Value