News & Analysis as of

Policy Terms Replacement Costs

J.S. Held

Builder’s Risk: Complexities in Insuring Existing Structures

J.S. Held on

Property insurance for projects under construction can be significantly complex. Insuring renovation projects under a builder’s risk policy will often require more care in crafting a policy that provides adequate protection....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

Butler Weihmuller Katz Craig LLP

A Brief Refresher On Appraisal In North Carolina, South Carolina, And Georgia

Most first party property coverage policies contain an appraisal provision that allows either the insured or the insurer to make a written demand for appraisal when the parties agree that covered property was damaged by a...more

Cozen O'Connor

Failure of Insured to Provide Requested Documents Triggers Appraisal Under First Party Insurance Policy

Cozen O'Connor on

Those familiar with first party insurance policies have undoubtedly encountered a recurring issue with the interpretation of appraisal provisions – what does it mean to disagree on the amount of loss?  ...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

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

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

Update on Labor Depreciation Class Actions

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

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