Tag Archives: Actual Cash Value

Scope of Recoverable Damages: District of New Jersey Finds Insureds Not Entitled to Replacement Cost Value Until Damaged Property is Repaired or Replaced

By Timothy Larsen on Posted in Replacement Cost
Property insurance policies typically require that the insured repair or replace damaged property before recovering on a replacement cost value (RCV) basis. Until then, the insured is entitled only to the actual cash value (ACV) of the damaged property. The U.S. District Court for the District of New Jersey recently decided a case involving the … Continue Reading

Enforceability of 180-Day Requirement for Recovering Replacement Cost Holdback Addressed By Southern District of New York

By J. Tyler Butts on Posted in Actual Cash Value, Policy Conditions, Replacement Cost
A federal court in New York recently cast light on the permissibility of property insurance policy provisions that require an insured to repair or replace damaged property within a certain period of time in order to be compensated for the full cost of the repair or replacement, instead of just the actual cash value of … Continue Reading
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