THE WONDER YEARS WEBINAR
Subro Sense - The ABC's of RCV and ACV
FATHER KNOWS BEST!
THE WONDER YEARS - Rediscovering the Magic of Split Dollar Life Insurance
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
Insurers in South Carolina may now depreciate both labor costs and material costs when determining the “actual cash value” (ACV) owed to policyholders for property damage....more
Insurance policies are designed to indemnify an insured by putting the policyholder in the same position he or she would have been in had no loss occurred. In the context of property insurance policies, damaged property is...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
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
Yesterday the Minnesota Supreme Court issued its opinion in Wilcox v. State Farm Fire & Casualty Company, a putative class action alleging that State Farm, in estimating the “actual cash value” of property damage under...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
Class action litigation is spreading across the country involving the application of depreciation in calculating the actual cash value of property damage under homeowners and commercial property insurance policies. This blog...more