The U.S. Court of Appeals for the 5th Circuit in Mitchell v. State Farm Fire and Cas. Co., 954 F.3d 700 (5th Cir. 2020), applying Mississippi law, held that State Farm’s definition of actual cash value was ambiguous and therefore had to be interpreted in the homeowners’ favor. The State Farm policy did not define actual cash value and the Court found that the term “actual cash value” by itself was ambiguous as a matter of law. Thus, labor costs were part of ACV.
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PROPERTY INSURERS ARE NOT ALLOWED TO DEPRECIATE LABOR COSTS WHEN CALCULATING ACTUAL CASH VALUE IN MISSISSIPPI
On Behalf of Steven Plitt, Insurance Expert | Nov 12, 2020 | Firm News, 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