Stemming from the McCarran-Ferguson Act of 1945, insurance is regulated by the states. Knowing variations of the law and regulations is a necessity for insurance professionals crossing state lines. These state-by-state variations in law include the basics, such as determining replacement cost and actual cash value. Continue Reading Calculating Actual Cash Value and Depreciation in California
A routine roof claim has significant results for Missouri property insurance adjustment. Some insurance companies try to chisel away at amounts owed by making up new arguments and pressing them in court. A Missouri appellate court had none of that, holding insurers should not deprecate labor when calculating actual cash value.1 Continue Reading Do Not Depreciate Labor When Calculating Actual Cash Value—Missouri Appellate Court Upholds Policyholder Win
South Carolina courts have not used the phrase “broad evidence rule” in addressing actual cash value, and the South Carolina Department of Insurance considers actual cash value to be the amount needed to repair or replace the damage minus a deduction for depreciation.1 Continue Reading Calculating Actual Cash Value in South Carolina
Many Virgin Islands property owners have submitted claims to their property insurance carriers relating to claims from Hurricanes Irma and Maria. One issue that may arise during the adjustment of the claim is how the insurance carrier will calculate the “actual cash value” damages to the property. Continue Reading Calculating Actual Cash Value, Part 32: Virgin Islands
This week in my series on calculating actual cash value, we will look at the Green Mountain State, Vermont. It is the second smallest by population and the sixth smallest by area of the fifty states.1 Continue Reading Calculating Actual Cash Value, Part 31: Vermont
So far, I have addressed thirty states in this series on calculating actual cash value. This blog is to provide an update on the discussion in my earlier post, Calculating Actual Cash Value, Part 24: Alabama. Continue Reading An Update to Calculating Actual Cash Value, Part 24: Alabama
This week in my series on calculating actual cash value, we will look at the Mountain State, West Virginia, whose motto is Montani semper liberi (Mountaineers are always free). Continue Reading Calculating Actual Cash Value, Part 30: West Virginia
This week, Oregon made national news as one of the best locations to view the Great American Eclipse. I realized I had not yet covered Oregon in my series on calculating actual cash value, leading to today’s blog. Continue Reading Calculating Actual Cash Value, Part 29: Oregon
There are two relevant cases that have addressed how to calculate actual cash value in Nevada: Replacement Cost Less Depreciation. Continue Reading Calculating Actual Cash Value, Part 28: Nevada
Many property insurance policies provide that until a policyholder actually repairs or replaces damaged property, they are only entitled to the “actual cash value.” Determining how to calculate the “actual cash value” differs from state to state. Continue Reading Calculating Actual Cash Value, Part 27: Mississippi