Keyword
actual cash value

News AdjustersClaimsCommercial LinesInsuranceLegal

When the appraisal umpire goes beyond the depreciation rate of both the claimant and the insurer

January 15, 2021 by David Gambrill

In a $1.2-million dispute arising from a property resort fire, an Ontario appraisal umpire did not exceed his authority when he used a much higher depreciation rate than both the claimant and the insurer did to calculate the value of…

News InsuranceLegalLegislation / RegulationMergers and Aqcuisitions

Supreme Court of Canada will not hear appeal from insureds seeking replacement cost instead of actual cash value in fire claim

June 2, 2017 by Canadian Underwriter

A disputed property insurance claim arising from a fire in Ottawa, in which the claimants asked for replacement value but the insurer would only pay actual cash value, will not be heard by the Supreme Court of Canada, the court…

News CatastrophesInsuranceLegal

Court denies replacement value coverage on fire claim after owners plan to build larger structure on same Ottawa site

December 20, 2016 by Canadian Underwriter

In a fire insurance claim, the courts recognize that “the need to rebuild premises which more closely resembled the original” is critical in triggering coverage for replacement value rather than actual cash value, Dutton Brock LLP suggested in a bulletin…