Property Insurance, Policy Terms, Replacement Costs

Builder’s Risk: Complexities in Insuring Existing Structures

J.S. Held on 3/13/2025

Property insurance for projects under construction can be significantly complex. Insuring renovation projects under a builder’s risk policy will often require more care in crafting a policy that provides adequate protection....more

South Carolina Allows Depreciation of Labor Costs In ACV Calculation

Cozen O'Connor on 6/10/2021

Insurers in South Carolina may now depreciate both labor costs and material costs when determining the “actual cash value” (ACV) owed to policyholders for property damage....more

Tennessee Supreme Court Holds That Replacement Cost Less Depreciation Does Not Allow for Depreciation of Labor When Calculating...

Carlton Fields on 5/3/2019

Insurance policies are designed to indemnify an insured by putting the policyholder in the same position he or she would have been in had no loss occurred. In the context of property insurance policies, damaged property is...more

Scope of Recoverable Damages: District of New Jersey Finds Insureds Not Entitled to Replacement Cost Value Until Damaged Property...

Robinson+Cole Property Insurance Coverage... on 6/6/2018

Property insurance policies typically require that the insured repair or replace damaged property before recovering on a replacement cost value (RCV) basis. ...more

The ABC's of ACV in Subrogation Claims

Butler Weihmuller Katz Craig LLP on 8/16/2017

Oftentimes, during the course of a subrogation claim, third-party liability adjusters will refuse to pay the full amount of the “Repair Cost Value” (“RCV”) of the damages demanded, and contend that they only owe “Actual Cash...more

Update on Labor Depreciation Class Actions

Robinson+Cole Class Actions Insider on 8/15/2017

There have been two recent federal district court decisions in the widespread class action litigation involving the application of depreciation to the labor cost component of replacement cost value on property insurance...more