Recently the 5th Circuit Court of Appeals in Singleton v. Elephant Insurance Co., 953 F.3d 334 (5th Cir. 2020), held that an insurance policy provision which limited the insurer’s liability for a totaled car to “actual cash value” of the car at the time of the accident did not include a requirement to pay taxes and fees. According to the Court, ACV was the equivalent to fair market value which, under Texas law, was the price a willing buyer would pay and a willing seller would accept for the vehicle. While the taxes might be considered by negotiating parties when agreeing to a price, that practice did not require that taxes be added to the price when calculating fair market value.
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On Behalf of Steven Plitt, Insurance Expert | Sep 17, 2020 | Insurance Law
- TENTH CIRCUIT COURT OF APPEALS FINDS THAT INSURANCE POLICY’S APPRAISAL CLAUSE ALLOWS CAUSATION DETERMINATIONS by Jordan R. Plitt
- THE SPLIT LANDSCAPE REGARDING DEPRECIATION OF LABOR COSTS WHEN CALCULATING ACTUAL CASH VALUE by Jordan R. Plitt
- CALIFORNIA COURT OF APPEALS REFUSES TO EXPAND THE TRIGGER FOR WHEN “CUMIS” COUNSEL IS REQUIRED UNDER CALIFORNIA CIVIL CODE §2860 by Jordan R. Plitt
- DOES A WATER-BACKUP EXCLUSION INCLUDE SEWAGE? by Jordan R. Plitt