News & Analysis as of

Policy Terms Cash Value

Cozen O'Connor

Decision: Insurer Prevails on Motion in Limine to Exclude RCV Evidence at Trial

Cozen O'Connor on

In the recent decision Marquez v. Clear Blue Specialty Insurance Company, No. 6:23-cv-2025-ACC-DCI, 2024 U.S. Dist. LEXIS 219390 (M.D. Fla. Dec. 4, 2024), the U.S. District Court for the Middle District of Florida granted the...more

Zelle  LLP

Homeowners Did Not Substantially Meet Policy’s Condition Precedent to Recover Replacement Cost Value

Zelle LLP on

Property Insurance/Replacement Cost - Homeowners Did Not Substantially Meet Policy’s Condition Precedent to Recover Replacement Cost Value - Insurer Did Not Waive Conditions - Henderson v. State Farm Fire and...more

Cozen O'Connor

South Carolina Allows Depreciation of Labor Costs In ACV Calculation

Cozen O'Connor on

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

Cozen O'Connor

PA Supreme Court Holds General Contractor Overhead and Profit Can be Withheld From ACV Payments

Cozen O'Connor on

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

Cozen O'Connor

Pennsylanvia Supremes to Decide Whether Actual Cash Value Includes General Contractor Overhead and Profit

Cozen O'Connor on

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

Carlton Fields

Tennessee Supreme Court Holds That Replacement Cost Less Depreciation Does Not Allow for Depreciation of Labor When Calculating...

Carlton Fields on

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

Butler Weihmuller Katz Craig LLP

Pennsylvania court rules insurer may still be responsible to pay RCV even if repairs never completed.

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

Robinson+Cole Property Insurance Coverage...

Scope of Recoverable Damages: District of New Jersey Finds Insureds Not Entitled to Replacement Cost Value Until Damaged Property...

Property insurance policies typically require that the insured repair or replace damaged property before recovering on a replacement cost value (RCV) basis. ...more

Robinson+Cole Class Actions Insider

Labor Depreciation Class Action: New Eighth Circuit Decision

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

Butler Weihmuller Katz Craig LLP

The ABC's of ACV in Subrogation Claims

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

Robinson+Cole Class Actions Insider

Class Action Involving Application of Deductible to Actual Cash Value Payment

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

Dickinson Wright

Cash Value of Life Insurance Policy Exempt From Garnishment

Dickinson Wright on

DC Mex Holdings LLC v Affordable Land LLC and Dale Fuller, ___ Mich. App. ___ (July 25, 2017), Case no. 332439 - Michigan’s Court of Appeals recently issued an opinion interpreting a statutory provision exempting insurance...more

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