In Montana, a jury may consider all relevant evidence when determining the actual cash value of the property damaged or destroyed.1 Under the broad evidence rule, the trier of fact “may consider any evidence logically tending to the formation of a correct estimate of the value of the insured property at the time of the loss.”2 Continue Reading Calculating Actual Cash Value, Part 26: Montana
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Calculating Actual Cash Value, Part 25: New Mexico
This blog marks the halfway point in this blog series as we are on the 25th state. Continue Reading Calculating Actual Cash Value, Part 25: New Mexico
Calculating Actual Cash Value, Part 24: Alabama
This week in the series on calculating actual cash value, we are studying Alabama, nicknamed the “Yellowhammer State,” after the state bird. Continue Reading Calculating Actual Cash Value, Part 24: Alabama
Calculating Actual Cash Value, Part 23: Nebraska
In Nebraska, the test for calculating actual cash value is Fair Market Value. In Olson v. Le Mars Mutual Insurance Company of Iowa,1 when both the insurer and insured advocated use of the broad evidence rule, the Nebraska Supreme Court held that the test was Fair Market Value. Continue Reading Calculating Actual Cash Value, Part 23: Nebraska
Calculating Actual Cash Value, Part 22: Oklahoma
In Redcorn v. State Farm Fire & Casualty Company,1 the insured’s roof was damaged by wind or hail. Although the policy did not define “actual cash value,” it contained an endorsement entitled Roof Surface Losses—Actual Cash Value Endorsement, which provided for roof surface repair and replacement coverage on an actual cash value basis:
Roof Surfaces: We will pay the actual cash value at the time of loss for loss or damage to roof surfaces. We will not pay an amount exceeding that which you actually and necessarily spend to repair or replace the damaged roof.
Continue Reading Calculating Actual Cash Value, Part 22: Oklahoma
Calculating Actual Cash Value, Part 21: Arkansas
We are in week twenty-one of this blog series. This week, let’s look at Arkansas.
Continue Reading Calculating Actual Cash Value, Part 21: Arkansas
Calculating Actual Cash Value, Part 20: North Carolina
In Balestrieri v. American Home Assurance Company,1 the plaintiff’s home was destroyed by a fire. At the time of trial, she had been paid over $900,000 based on the estimate of the house’s actual cash value, however she contended that the clear weight of the evidence demonstrated her entitlement to approximately $400-500k more than the insurer already paid. The jury instruction was as follows:
Continue Reading Calculating Actual Cash Value, Part 20: North Carolina
Calculating Actual Cash Value, Part 19: Pennsylvania
It was an exciting down to the wire finish on Monday night for the NCAA basketball championship. Congratulation to Villanova! This week my blog in the series on calculating actual cash value will focus on Pennsylvania.
Continue Reading Calculating Actual Cash Value, Part 19: Pennsylvania
Calculating Actual Cash Value, Part 18: Minnesota
In Minnesota, The broad evidence rule determines “actual cash value.”1
Continue Reading Calculating Actual Cash Value, Part 18: Minnesota
Calculating Actual Cash Value, Part 17: Ohio
The test for calculation of actual cash value in Ohio is Replacement Cost Minus Depreciation.
Continue Reading Calculating Actual Cash Value, Part 17: Ohio