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Home / Opinion Digests / Insurance / Insurance – Homeowners – ‘Actual Cash Value’ – Depreciation – ‘Embedded Labor Components’ – Certified Question (access required)

Insurance – Homeowners – ‘Actual Cash Value’ – Depreciation – ‘Embedded Labor Components’ – Certified Question (access required)

A federal court asks, “When a homeowner's insurance policy does not define the term ‘actual cash value,’ may an insurer depreciate the cost of labor in determining the ‘actual cash value’ of a covered loss when the estimated cost to repair or replace the damaged property includes both materials and embedded labor components?” Our answer, ...

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