Tag first party property
A California trial court recently held that an insurer must use the “condition” of personal property as a factor in determining the depreciation value to calculate actual cash value (ACV). In The Doan v. State Farm Gen. Ins. Co., certain… Continue Reading →
In Provencal LLC v. Tower Ins. Co. of NY, Tower Insurance Company of New York (Tower) issued a commercial property policy to Provencal LLC. Heavy rains caused the collapse of a retaining wall. At trial, the parties stipulated that the… Continue Reading →
In Saratoga Resources, Inc. v. Lexington Ins. Co., Lexington Insurance Company (Lexington) issued an insurance policy to Saratoga Resources, Inc. (Saratoga) that covered various oil and gas properties. In 2012, when Hurricane Isaac hit Louisiana, many of Saratoga’s properties were… Continue Reading →
Paul and Annette Fabozzi procured a homeowner’s policy from Lexington Insurance Company. After renovating their home, the interior walls rotted so much that the home was on the verge of collapse. The Fabozzis sought coverage from the Lexington policy. Lexington… Continue Reading →
Proper claims handling requires comparing policy terms and conditions with particular facts giving rise to a claim. However, a recent decision finding that an insured’s marijuana stock is covered under a property policy offers a reminder that other circumstances should… Continue Reading →
Recently, Minnesota’s highest court ruled in Wilcox v. State Farm Fire & Cas. Co. on whether or not labor can be depreciated in determining Actual Cash Value (ACV). Answering a certified question from the United States District Court of Minnesota,… Continue Reading →
Elaine Gattus purchased a homeowner’s policy from Gulfstream Property and Casualty Insurance Company (Gulfstream). The policy included a provision that stated “[a]ssignment of this policy will not be valid unless we give our written consent.” After Gattus’ home suffered damage,… Continue Reading →
Tressler LLP is pleased to present the updated 50 State Survey on “Methods of Calculating Actual Cash Value of a Claim,” published by Todd Schenk, Todd Rowe and Aon Hussain. Many property insurance policies provide for payment of a claim… Continue Reading →
In the unpublished Queen Anne Park Homeowners Assoc. v. State Farm Fire & Cas. Ins. Co., the 9th U.S. Circuit Court of Appeals addressed a HOA’s 2011 claim for coverage under property insurance policies issued by State Farm when it… Continue Reading →
Republished from Tressler’s Privacy Risk Report blog. While the “internet of things” (IoT) is not a new concept for the insurance industry, many people outside the insurance industry are just beginning to discuss this issue. In general, the term “internet… Continue Reading →