Jorge Cruz-Bustillo | Chartwell Law The takeaway from this article is to understand that the acronyms of RCV and ACV simply characterize the inclusion or exclusion of recoverable depreciation. These terms do not, under any circumstance, reflect the “scope of the damages” required to be paid at the time of the initial coverage decision. Replacement… Continue reading What is the Difference Between Replacement Cost Value (RCV) and Actual Cash Value (ACV)?
Tag: Actual Cost Value
Damages in Construction Claims: Are “Actual Costs” Actually Required?
Ronald Espinal | Bradley Arant Boult Cummings The golden standard for the measure of damages in a construction case alleging defective or incomplete work are the actual costs of completion or repair. That is to say, if there is a breach (or multiple breaches) of quality or quantity promises in a construction contract, each dollar… Continue reading Damages in Construction Claims: Are “Actual Costs” Actually Required?
Actual Cost Value Includes Depreciation of Repair Labor Costs
Tred R. Eyerly | Insurance Law Hawaii The court granted the insurer’s motion to dismiss after determining that benefits paid for actual cost value (ACV) did not include repair or replacement labor costs. Shahan v. Allstate Vehicle & Prop. Ins. Co., 2022 U.S. Dist. LEXIS 135488 (W.D. La. July 29, 2022). Hurricane… Continue reading Actual Cost Value Includes Depreciation of Repair Labor Costs