Month: May 2023

Looking Toward the 2023 Hurricane Season

Hurricane season will officially begin on June 1, 2023. For the first time in eight years, the Climate Prediction Center, a division of the National Weather Service, is predicting near-normal hurricane activity. An “average” hurricane season consists of 14 named storms, 7 hurricanes, and 3 major hurricanes. For 2023, the National Oceanic and Atmospheric Administration …

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Property in 60 Seconds: Florida Federal Court Enforces “Time of Loss” Language in Valuation Provision

Property in 60 Seconds

Three years makes a difference. A Florida federal court has held that repair costs are to be measured at the time of the loss – not at the time of the later repairs – when calculating actual cash value/replacement cost. The court considered and applied a common policy provision, which required that the value of …

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