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Ending a putative class action, the United States Court of Appeals for the Fifth Circuit examined policy language and two statutes to hold that an insurer does not owe sales tax on top of an actual cash value payment. The...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
In Butler, et al. v. The Travelers Home and Marine Insurance Co., separate fires damaged the homes of Miriam Butler and Joseph Stewart. Each home was insured by a Travelers-related insurance company (collectively,...more
On August 18, 2020, the Supreme Court of Pennsylvania held, in a 4-3 decision, that insurer, Truck Insurance Exchange, was entitled to withhold general contractor overhead and profit expenses (“GCOP”)...more
Oftentimes, third-party liability adjusters will refuse to pay the full amount of the “Repair Cost Value” (“RCV”) of the damages included in the subrogation demand, and contend that they only owe “Actual Cash Value” (“ACV”),...more
Accardi v. Hartford Underwriters Ins. Co., ___ N.C. __ , No. 42A19 (Feb. 28, 2020) - The North Carolina Supreme Court nixed a putative class-action lawsuit against a property insurer and validated the insurer’s untested...more
Insurance companies may no longer be allowed to rely on clear policy language that expressly excludes general contractor overhead and profit (“GCOP”) from actual cash value payments. The Pennsylvania Supreme Court recently...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
In situations where a property insurer denies coverage, the insured often complains that it is faced with a difficult dilemma – use its own money to fund repairs or avoid making repairs and risk having its recovery limited to...more
Property insurance policies typically require that the insured repair or replace damaged property before recovering on a replacement cost value (RCV) basis. ...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
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
An emerging issue in class action litigation against the insurance industry involves an attempt by plaintiffs’ attorneys to argue that insurers should not be permitted to apply any deductible to payments made on an actual...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
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