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Actual cash value

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Jame Anderson

PostPosted: Thu Feb 26, 2004 5:15 pm    Post subject: Actual cash value Reply with quote

I sustained a severe water loss to the contents of my business on which I carry a box policy, I have complied with the coverage by the company
is paying me an average of 25 % per item as the acy. Their position is when I buy the new item, they will pay the rest. I have checked with my cpa who agrees the depreciation was out of line and other reseach indicated the same. What can I do other than sue to recover? For instance, on research books to operate computersm etc, they oaid 2-3 per book even though some cost $30-40. The company has pulled out of this state. The agent is no help.
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Joined: 04 Jan 2004
Posts: 17
Location: Montgomery, PA

PostPosted: Tue Mar 02, 2004 10:44 pm    Post subject: Your claim to file Reply with quote

Many property policies require filing a Proof of Loss within 60 days after the loss. A Proof of Loss filing is a claim filing.

Often times the Proof of Loss is prepared by the insurance company and it reflects an agreed amount of loss and claim. However, it can also be filed to represent the amount of your "claim" that does not agree with the insurance company.

How to know what to expect, and have forms and information for filing: http://www.disasterprepared.net/deserve.html

You should be aware that some property policies have had the word "claim" removed and filing a Proof of Loss is no longer an option. Please see http://www.disasterprepared.net/postmortem.html Also, some policies no longer offer "Appraisal," a form of arbitration, as a means to resolve disputes. Please see http://www.disasterprepared.net/addresspage10.html
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william s cook

PostPosted: Sun Mar 07, 2004 9:12 pm    Post subject: ACV Reply with quote

There is nothing wrong with insurers settling on an ACV basis provided the ACV is correctly established. Blanket depreication has been determined in some states to be an unfairl claims settlement practice and in some state that constititutes bad faith and compensatory damages. It appears that your values were determined using an unfair method. You have several remedies available under the contract language and the statutes in most states. You can request an apprasial dispute resolution under most first party policies. If significant additional sums are recovered then you can then review your state statutes to see if you have been served a civil wrong regarding how they resolved your loss.
William S Cook
Public Adjuster
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