Life Sciences Quarterly: Tax Cuts and Jobs Act: Implications for Life Science Business
Tax Developments Affecting Health Care Organizations and Investor-Owned Hospital Companies
This year began like the last one ended, with lots of activity. Total loss class actions kept going around the country, and labor depreciation class actions experienced ups and downs, depending on one’s viewpoint. New class...more
On June 28, the Missouri Court of Appeals upheld a lower court’s decision finding Lexington Insurance Company (“Lexington”) breached its policy with homeowner Cynthia Franklin. Franklin’s home has sustained damage in a May...more
The South Carolina Supreme Court, in the matter of Butler v. Travelers Home & Marine Insurance Co., held that when an insurer is determining actual cash value (ACV) under a homeowners insurance policy, the insurer can...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 2, 2020 – November 6, 2020... November 2, 2020: The IRS announced COVID-19-related...more
The past quarter has seen several new types of class actions against insurers and new twists on the well-worn theory of total loss claims, as well as some new life breathed into long-running labor depreciation class actions. ...more
This week the Eighth Circuit issued its long-awaited decision in a class action against State Farm involving the “labor depreciation” issue that I have covered extensively on this blog. State Farm prevailed on both the merits...more
Insurers and policyholders should heed the critical insurance issues that arise in the aftermath of natural disasters....more
There have been two recent federal district court decisions in the widespread class action litigation involving the application of depreciation to the labor cost component of replacement cost value on property insurance...more
In February, the Nebraska Supreme Court held that it is acceptable for insurance companies to depreciate labor costs when determining the actual cash value (ACV) of damaged property, even when the insurance policy does not...more
Property policies typically provide, if there is coverage, that the insured can recover for the costs to repair or replace the property damaged by loss. But when an insured does not repair or replace the damaged property (or...more
I’ve regularly followed on my blog key developments in the numerous class actions against the insurance industry involving the application of depreciation to the labor cost component of estimated replacement cost value in...more
It’s been a while since I updated you on the status of class action litigation regarding the application of depreciation to labor costs on property insurance claims. There have been three decisions since my last update, with...more
Over the last few years, courts have disagreed over whether labor — as opposed to materials — can be depreciated when determining actual cash value (ACV); two of our 2015 posts addressed cases in which the District of Kansas...more
I’ve been following closely a series of class actions around the country alleging that, in calculating the “actual cash value” of property damage under a homeowners or commercial property insurance policy, insurance companies...more
As an update to my March 29, 2015 blog post on the status of class actions on the labor depreciation issue, a Kansas federal court recently granted summary judgment in favor of an insurer. In Graves v. American Family...more
Surprisingly few states have addressed the question of whether an insurer can depreciate labor – as opposed to materials – to arrive at actual cash value (ACV). ...more
Second Circuit: Insurer Must Defend Where Factual Allegations Create a Possibility of Coverage - Why it matters: In a recent pro-policyholder decision, the Second Circuit, applying New York law, reminded...more