Insurance Coverage: How Does One Determine the Value of a Burnt Bird?

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As you are preparing for Thanksgiving and worrying you will accidentally burn the 15 pounds of turkey you have spent hours dressing, just remember, it could be worse. You could burn four million pounds of turkey. That’s what happened to a turkey producer in a 1988 opinion of the Western District of Virginia in which the court found that under the terms of an excess fire policy the “actual cash value” of an insured turkey producer’s damaged stock (four million pounds worth) was not the mean price for which the stock would have sold on the date of loss, but rather, was the price for which the stock would have been sold had no loss occurred.

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Published In: Insurance Updates