Work on Interact Club downtown Coldwater mural wraps up wtvbam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wtvbam.com Daily Mail and Mail on Sunday newspapers.
Recent decisions from the high courts of South Carolina and North Carolina holding that embedded labor costs can be depreciated from the replacement cost of property bolster insurers’ moderate edge in these disputes and point to important implications for both insureds and insurers, says Richard Mason at MasonADR.
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.
In Butler, et al. v. The Travelers Home and Marine Insurance Co., separate fires damaged the homes of Miriam Butler and Joseph Stewart. Each home was insured by a Travelers-related.
The South Carolina Supreme Court said Wednesday a Travelers unit correctly depreciated labor costs for property repair when calculating the cash payment amounts for its policyholders' home damages, answering a certified question from a South Carolina federal court.