Property insurance policies typically require that the insured repair or replace damaged property before recovering on a replacement cost value (RCV) basis. ...more
Oftentimes, during the course of a subrogation claim, third-party liability adjusters will refuse to pay the full amount of the “Repair Cost Value” (“RCV”) of the damages demanded, and contend that they only owe “Actual Cash...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
On Monday, the California Supreme Court revived a 2011 insurance regulation designed to protect homeowners from underinsurance because of the insurance company’s use of potentially misleading estimates for home replacement...more
Nearly two years ago, a California appellate court invalidated a rule promulgated by the state’s Insurance Commissioner, on the ground that the regulator lacks authority to prohibit “deceptive acts or practices” which are not...more
In 2011, the California Insurance Commissioner promulgated a regulation governing replacement cost estimates for homeowners insurance (Cal. Code Regs., tit. 10, §2695.183 [the Regulation]). After the trial court and...more