Month: September 2021

PROPERTY IN 60 SECONDS: ILLINOIS SUPREME COURT ADDRESSES DEPRECIATION OF LABOR

Depreciation of Labor, Property in 60 Seconds

The ability of an insurance carrier to depreciate labor costs when determining Actual Cash Value (“ACV”) varies from state to state, with a number of states yet to weigh in. On September 23, 2021, the Supreme Court of Illinois provided definitive guidance in Sproull v. State Farm Fire & Cas. Co., affirming the appellate court, and …

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PROPERTY IN 60 SECONDS: SURFACE WATER EXCLUSIONS

Property in 60 Seconds, Surface Water

In the wake of Hurricane Ida, please consider this reminder about the application of the Surface Water Exclusion in Pennsylvania and New Jersey. Pennsylvania Pennsylvania courts recognize the enforceability of the Surface Water Exclusion and have long understood “surface water” as an unambiguous term meaning “waters on the surface of the ground, usually created by …

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