WebThe Illinois Supreme Court mentioned, but did not elaborate on the fact, that in Oklahoma actual cash value is determined by the “broad evidence rule,” which considers any and … WebMar 24, 2024 · Not all states within the United States have these laws. States that do have valued policy laws include Arkansas, California, Florida, Georgia, Kansas, Louisiana, Minnesota, Mississippi,...
Calculating Actual Cash Value, Part 6: Michigan Merlin Law Group
WebThe Indiana court called the broad evidence rule a flexible rule that permitted an appraiser, court, or jury to consider any relevant factor in determining actual cash value of damaged property. Travelers Indemnity Co., 442 N.E.2d at 356. ¶10 Redcorn insists that depreciation of labor costs is inconsistent with the principle of indemnity. WebThe broad evidence rule permits the consideration of all evidence logically related to the formation of an accurate estimate of the value of the destroyed or damaged property, for the purpose of ascertaining the "actual cash value" at the time of the loss. justin simpson facebook
Calculating Actual Cash Value, Part 6: Michigan Merlin Law …
WebFeb 21, 2016 · Under the broad evidence rule, embedded-labor-cost depreciation was one factor that the trier of fact might consider and weigh among other factors to determine the actual cash value of the damaged property. WebApr 12, 2024 · the broad evidence rule. 1 The Broad Evidence Rule, in layman’s terms, is a combination of Market Value (what it’s selling for now) and Replacement Cost less Depreciation (how much it costs to replace minus age/wear & tear/condition, etc.). 2 … WebApr 6, 2024 · Indiana has adopted the broad evidence rule as the default interpretation of the term actual cash value.1 Under the broad evidence rule, parties may introduce evidence of every fact and circumstance which would logically tend to the formation of a correct estimate of the loss, such as original purchase price, market value, replacement … laura chinn body