Property insurance adjusters, appraisers, and umpires should fully read the valuation clauses in property insurance policies and know the applicable state law regarding valuation. This was a point of emphasis I made last week at the Insurance Appraisal and Umpire Association (IAUA) meeting. Indeed, for restoration contractors, it is a good reason for them to read the policy if they and their policyholder customers are looking towards the insurance policy to finance the restoration work less the deductible.
Continue Reading New Mexico Requires No Depreciation on Residential Property Losses
Every insurance policy outlines certain duties a policyholder is required to perform following a loss. However, the prompt notice provision appears to be increasingly gaining traction by opportunistic insurance companies and their defense attorneys who seek to use this as a technicality to avoid liability for an otherwise covered loss.
