Craig Bennion | Property Insurance Law Observer | May 29, 2019 Most property insurance policies condition the payment of replacement cost value (RCV) on the property first being replaced or repaired, and courts typically enforce that requirement. Replacement cost is not owed until the insured completes repair or replacement. Yet what property adjuster has never… Continue reading Free Ride on RCV? Not So Fast!
Tag: Replacement Cost Value
Calculating RCV and ACV for Structures and Personal Property in California in 2019
Daniel Veroff | Property Insurance Coverage Law Blog | March 25, 2019 California has statutory and case law that defines replacement cost and actual cash value, and these laws are read into every insurance policy notwithstanding what the policy language says. This blog has several posts on the subject,1 and this post aims to give you… Continue reading Calculating RCV and ACV for Structures and Personal Property in California in 2019
Replacement is Not Always a Prerequisite for an Insured to Claim Replacement Cost Benefits
Kesha Hodge | Property Insurance Coverage Law Blog | April 15, 2018 Replacement cost insurance generally allows recovery for the actual value of property at the time of loss, without deduction for deterioration, obsolescence, and similar depreciation of the property’s value. Depending on the circumstances, the difference between the actual cash value and the replacement… Continue reading Replacement is Not Always a Prerequisite for an Insured to Claim Replacement Cost Benefits
The Proper Standard for Evaluating “Actual Cash Value” Under New Jersey Law
Jennifer Van Voorhis | Property Insurance Coverage Law Blog | April 12, 2018 One of the most common questions we hear from our clients has to do with the differences between “actual cash value” and “replacement cost value.” Replacement cost value on its face seems relatively straight forward, but what is “Actual Cash Value” determined… Continue reading The Proper Standard for Evaluating “Actual Cash Value” Under New Jersey Law
The Proper Standard for Evaluating “Actual Cash Value” Under New Jersey Law
Jennifer Van Voorhies | Property Casualty Insurance Law Blog | April 12, 2018 One of the most common questions we hear from our clients has to do with the differences between “actual cash value” and “replacement cost value.” Replacement cost value on its face seems relatively straight forward, but what is “Actual Cash Value” determined… Continue reading The Proper Standard for Evaluating “Actual Cash Value” Under New Jersey Law