Following Superstorm Sandy, many state insurance departments along the East Coast issued bulletins indicating that insurance companies should not impose hurricane deductibles on homeowners, mainly because the classification of Sandy shifted from a hurricane to a post-tropical storm as it traveled the East Coast. The bulletins expressly refer to homeowners policies and do not reference
Property Insurance
Class Action on Depreciation of Labor on Property Insurance Claims: New Arkansas Supreme Court Decision
By Wystan Ackerman on
Posted in Actual Cash Value, Property Insurance
In a putative class action pending Arkansas federal court, a question of law was certified to the Arkansas Supreme Court regarding whether labor may be depreciated on property insurance claims, if the insurance policy does not define the term “actual cash value” (see my May 8, 2013 blog post on the federal court’s certification of…