Tag appraisal

Insurers Must Analyze the Condition of Personal Property to Calculate Depreciation for ACV Purposes

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 →

Minnesota Prejudgment Interest Statute Does Not Apply to Appraisal Awards Without an Underlying Breach of Contract or Bad Faith Claim

Cincinnati Insurance Company (Cincinnati) provided a homeowner’s policy to the insured. Pursuant to a Minnesota state statute, the policy included an appraisal clause mandating that if the parties could not agree on the valuation of a loss, that either party… Continue Reading →

Court Rules in Favor of Policyholder: Policy Does Require Replacement of All Siding When Necessary for a Color Match Even Though Only a Portion Was Damaged by Hail

The Minnesota Supreme Court affirmed an appraisal award in favor of the Cedar Bluff Townhome Condominium Association for total replacement of all siding on the insured building, rather than just the hail-damaged siding. Cedar Bluff Townhome Condominium Assoc, Inc. v…. Continue Reading →

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