The Supreme Court of Arizona described three separate and distinct ways to define a property's ACV that had been posited in Arizona: the property's fair market value; the cost of replacing the property less depreciation (RCLD); and using the "broad evidence rule."(Credit: davit85/Adobe Stock)
The Supreme Court of Arizona recently answered two questions certified by the U.S. District Court for the District of Arizona that both concerned how an insurer may or may not use depreciation in calculating the actual cash value (ACV) of damaged property. The case is Walker v. Auto-Owners Ins. Co., 2022 Ariz. LEXIS 306 (Ariz. 2022).
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
