Farm Insurance has paid Plaintiffs a total of $137,887.99 the actual cash value
of the loss to the building set forth in the award and the amount to which Plaintiffs were entitled under the terms of the insurance policy.
Most insurance policies pay the actual cash value
-- an amount equal to what the items were actually worth at the time they were damaged or destroyed.
District Court for the District of Nebraska certified the following question to the Nebraska Supreme Court: "May an insurer, in determining the 'actual cash value
' of a covered loss, depreciate the cost of labor when the terms 'actual cash value
' and 'depreciation' are not defined in the policy and the policy does not explicitly state that labor costs will be depreciated?"
Answer: The option to take actual cash value
instead of replacement cost, with claiming replacement cost within 180 days of the date of loss, is a conscious decision by the insured.
The appraisers will state separately the actual cash value
and the amount of loss.
The court ruled that insurance companies can't depreciate the costs of labor when the term "actual cash value
" is not defined by the policy.
There are two typical types of coverage that apply to the contents of your home: actual cash value
or replacement cost.
Is it replacement cost, actual cash value
or selling price?
"GLWBs made annuities stickier because the growth in the 'income benefit account' has far exceeded actual cash value
account growth." Marrion writes in email comments.
Some policies may provide "replacement cost" coverage, while others may provide "actual cash value
prepare an inventory of damaged personal property showing the quantity, description, actual cash value
and amount of loss.
(i) The actual cash value
of the lost or damaged property; or