Cryptocurrency, such as Bitcoin, Ethereum and Litecoin, is a digital or virtual currency that is secured by cryptography. A distinct feature of cryptocurrency is that it is not issued by any central authority, such as a bank. Instead, internet users help maintain and manage the value of cryptocurrencies. Cryptocurrency does not have any tangible existence, …
Cryptocurrency Complications in the Property Insurance Context Read More »
Condominium claims can be challenging, even for experienced adjusters. Condo losses regularly involve building exteriors, decorated common areas, multiple units, and other insurers. Depending on the areas of the condo damaged, an incident could implicate multiple insurance policies at the same time. When considering condo claims, unit owners and associations will typically review multiple property …
Property insurers are enjoying a late Winter harvest courtesy of Minnesota. In Elm Creek v. State Farm, the Minnesota Court of Appeals recently ruled that the “harvesting” of undamaged siding was a reasonable method of repair. The loss location was a “residential, common-interest community” with 21 buildings, some of which were damaged during a 2017 hailstorm. …
PROPERTY IN 60 SECONDS: Harvesting Undamaged Siding is a Reasonable Repair Read More »
The role of public adjusters is clearly set forth under Pennsylvania law. Public adjusters advise and assist policyholders with their insurance claim. See 63 P.S. § 1601. Public adjusters do not “represent” anyone. Public adjusters are not attorneys, nor are they representatives or employees of an insurance company. The public adjuster-policyholder relationship is regulated by …
The advent of Airbnb and similar services has introduced new difficulties into the insurance industry. Standard homeowner’s insurance policies only protect properties being used as a primary residence. A residence purchased for use solely as an Airbnb will require an insurance policy that accounts for the short-term and intermittent occupancy. Airbnb provides Host Guarantee and …
Does Homeowner’s Insurance Cover Airbnb Properties? Read More »
On January 18th, 2022, New Jersey Governor Phil Murphy signed the New Jersey Insurance Fair Conduct Act (“ICFA”) into law. The IFCA allows policyholders who are injured in motor vehicle accidents and entitled to UM or UIM coverage to sue an insurer who has: (1) unreasonably delayed or denied a claim for payment of benefits …
A Policyholder that files for bankruptcy may sometimes seek to resolve an existing insurance coverage dispute through the bankruptcy court as an adversary proceeding. After all, a pending insurance claim may be considered an asset in the bankruptcy proceeding. Bankruptcy court jurisdiction over insurance coverage actions is a complicated legal analysis that can vary by …
Insurance Coverage Litigation in Bankruptcy Court Read More »
As 2021 draws to a close, we at HKR wanted to take this opportunity to review some of the important property insurance decisions from the past year. Below, in no particular order, is our list of the top 10 cases from this year, with a particular emphasis on our home state of Pennsylvania: Oral Surgeons, …
PROPERTY IN 60 SECONDS: HKR’s Top 10 Property Insurance Decisions of 2021 Read More »
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 …
PROPERTY IN 60 SECONDS: ILLINOIS SUPREME COURT ADDRESSES DEPRECIATION OF LABOR Read More »
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 …
PROPERTY IN 60 SECONDS: SURFACE WATER EXCLUSIONS Read More »
