The Proper Standard for Evaluating “Actual Cash Value” Under New Jersey Law

One of the most common questions we hear from our clients has to do with the differences between “actual cash value” and “replacement cost value.” Replacement cost value on its face seems relatively straight forward, but what is “Actual Cash Value” determined under New Jersey law? Continue Reading

Plaintiffs in New York Recover Attorney’s Fees in First-Party Property Claim

Bad faith and consequential damages has long been a thorn in the New York plaintiff attorney’s side as they are virtually impossible to recover in most breach of contract actions. Recently, one plaintiff was able to recover attorney’s fees and costs by meeting the stringent standard set forth by New York case law. Continue Reading

Are You at Odds with Your Insurer in Arizona? An Outline on Initiating Litigation in the Grand Canyon State

In Arizona, the statute of limitations for a cause of action for insurance benefits will begin to run from the date the insurer committed a breach, unless the policy states otherwise (i.e., from the “inception of” or “date of” loss). Typically, this means from the date the insurer denies claim benefits to its insured.1 Continue Reading

An Exception to an Exclusion: Always Read the Policy

I commonly get asked coverage questions that relate to a commercial client’s claim for damages. My response is always the same, “send me the policy and I will take a look.” I know this sounds obvious but with the multitude of policies out there it is impossible to relate a policy to a factual situation without first reading the policy. Continue Reading

Speak (with an attorney) now or forever hold your peace

Many of you may recall that, during the Spring of 2016, many parts of Texas were hit with storms of varying severity that caused significant property damage. Some of the resulting insurance claims that arose from those storms have dragged on, including a number that simply fell by the wayside as both carriers and adjusters were pulled away to focus on the hurricanes that wracked so many states in 2017. Continue Reading

Determining Actual Cash Value in Indiana

While the term actual cash value is typically found in a property insurance policy, it often is not defined in the policy. Courts around the country use four primary methods to give meaning to the term actual cash value when it is not defined in an insurance policy. Those methods are:

(1) replacement cost without deduction for depreciation;

(2) market value;

(3) replacement cost with deduction for depreciation; and

(4) the broad evidence rule. Continue Reading

Better Late Than Never? Don’t Think So – Voluntary, Untimely Payment of Benefits Does Not Absolve Carrier from Liability for Bad Faith in Florida

It has been over 30 years since Florida lawmakers enacted section 624.155, which was designed to provide a civil remedy when an insurer fails to settle their policyholder’s claim in good faith or commits any one of the unfair claims handling practices identified in section 626.9541(1)(i). Yet, to this day, questions still arise on one basic question: When is an insured legally entitled to bring a civil action against their property insurance carrier for failing to meet its statutory obligations? Continue Reading

Appraisals: A Comment on the Scott deLuise Post Regarding Colorado Appraisals and Failed Colorado Appraisal Legislation

American politics and government can make people extraordinarily upset. The very nature of democracy, modern regulation, those being regulated and those regulating promotes active and emotional disagreements of what is the best public policy and how it should be determined. So, my first observation from yesterday’s post, Colorado House Bill 18-1153 Concerning Appraisals for Insurance Claims Killed in Finance Committee Hearing, is that Scott deLuise is very upset that the recent legislation he worked to draft with others and believed in, did not become law in Colorado—his lifelong and beloved state. I have been in similar losing situations and can empathize with him. Continue Reading