Replacement Costs

News & Analysis as of

True To Form: Eleventh Circuit Rules Rejects Penalties for Non-Conforming Policies

Insurance contracts are subject to numerous statutes and regulations specifying whether and how certain facts must be disclosed, certain coverages must be offered and certain coverage options must be accepted or declined. ...more

OEM Disclaimers Withstand Challenge in Helicopter Crash: Damage to helicopter from defective part constitutes excluded...

On July 2, 2015, the U.S. District Court for the Eastern District of New York issued a decision in City of New York v. Bell Helicopter Textron, Inc., 13 CV 6848 that left the plaintiff without any remedy against the...more

Missouri Court: “Equivalent” Requires that Replacement Siding be Both Equal in Value and Virtually Identical

In December, we published a post about a Minnesota Supreme Court case that held that under a replacement cost policy, the phrase “comparable material and quality” meant that all of the siding on 20 buildings had to be...more

Striking Down Regulation On Replacement Cost Estimates, A California Court Heads Off Policyholder Litigation

Last week, in Association of California Ins. Cos. v. Jones, B238622 (Cal. Ct. App. Apr. 8, 2015), a California appellate court affirmed a decision that invalidated a regulation governing estimates of replacement costs made by...more

Wake up Call for Regulators and Insurers

On April 8, after a careful statutory analysis, the California Second Appellate Division held that the California Insurance Commissioner exceeded his authority in promulgating a regulation that defined a new act as an unfair...more

A New Twist in the California Debate Over Allegedly Inadequate Replacement Cost Limits in Homeowners’ Policies

The April 8, 2015 decision of the California Court of Appeals in Ass’n. of Cal. Insurance Companies v. Jones, 2015 WL 1569669, 2015 Cal. App. LEXIS 298 (Cal.Ct.App., Apr. 8, 2015) held that the state’s Insurance Commissioner...more

Texas Court Talks Insurance And Actual Cash Value

When an insured suffers a property loss, the insurance policy defines the parameters of recovery. Typically, a property insurance policy’s default valuation provision for a property loss is the actual cash value of the...more

California Insurance Commissioner Lacks Authority to Regulate Formula for Estimating Replacement Cost Value

In Assn. of Cal. Insurance Companies v. Jones ( No. B248622, filed 4/8/15), a California appeals court held that California’s Insurance Commissioner Dave Jones lacked the authority to promulgate California Code of...more

Property Insurance Law: 2014 Year in Review

Hurricane Sandy continued to generate a significant amount of litigation during 2014 which resulted in several important property insurance decisions. Most notably, as a result of Sandy and other events, the courts...more

Minnesota Holds “Comparable Material and Quality” Requires Wholesale Replacement Where Undamaged Siding Is Faded

Matching issues are frequently problematic when storms damage only portions of an insured structure’s exterior and it proves impossible to replace the damaged sections with material that is an exact match for the rest of the...more

What The Hail Is Going On With Texas Insurance Claims?

The onslaught of new hail damage lawsuits does not appear to be ending anytime soon. The docket of every county in which a significant hail event has occurred in recent years sees numerous new hail damage lawsuit filings...more

Court Clarifies Insurers’ Replacement-Cost Obligations

Amid the onslaught of Texas hail claims litigation, one Texas federal district court recently confirmed that in order for an insured to receive any portion of a replacement-cost holdback under a property insurance policy, it...more

New York Court of Appeals Holds Property Policy Time Limitation for Replacement Costs Suits Amounts to “Claim Nullification”

Facts and Underlying Litigation - Will New York courts enforce a time-limitation period for suits for replacement costs against an insurer under a property policy, even if the insured could not have completed the...more

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