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