South Carolina Supreme Court Authorizes Homeowner s Insurers to Estimate Depreciation of Embedded Labor Components in Calculation of Actual Cash Value | Carlton Fields jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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Insurers in South Carolina may now depreciate both labor costs and material costs when determining the “actual cash value” (ACV) owed to policyholders for property damage.
The issue of whether labor can be depreciated when a property policy does not define the term "actual cash value" ("ACV") has been resolved in South Carolina.