There are two primary valuation methods for establishing the value of insured property for purposes of determining the amount a property insurer will pay in the event of loss under a homeowner’s or commercial property policy.
This chart represents an overview of how each state handles general contractor overhead and profit payments in first-party ACV property damage claims, providing some guidance to claims professionals simply looking to pay what they owe, and no more. It provides the available state law and precedent regarding the inclusion, quantification, and potential depreciation of general…
This chart is a summary of regulations or laws in all 50 states regarding the matching issue in the payment of first-party insurance claims. The chart focuses on homeowners’ property claims and only tangentially discusses commercial property policies/claims, although if law regarding a commercial policy is all that is available, it is included.
This damage to property without market value chart depicts the law in all 50 states with regard to the award of damages to personal property without a typical market value.
With regard to condominium/co-op waivers, effective subrogation of these claims requires an understanding of the biggest obstacle to successful recovery efforts – a waiver of subrogation provision. This chart contains a general overview of state law regarding waivers of subrogation in condo and/or co-op by-laws, leases, and insurance policies.
This 50-state chart summarizes landlord tenant subrogation laws. Understanding when, where, and why subrogation actions by a landlord’s insurer against a tenant are permitted or prohibited is critical to maximizing property subrogation recoveries.