The Jersey Shore has more to deal with than just hurricanes and blizzards. On January 28, many residents in New Jersey, New York, and Connecticut called 911 reporting an earthquake, only to learn that a naval aircraft testing over the Atlantic Ocean broke the sound barrier, causing a sonic boom.
The test for calculation of actual cash value in Ohio is Replacement Cost Minus Depreciation.
In Paterson-Leitch Co. v. Insurance Company of North America,1 the issue was whether the loss arising from fire damage to three buildings should be measured by replacement cost minus depreciation, or whether a demolition contract entered into by the policyholder should alter the analysis.
Have a look at my video blog about initial offers from insurance companies and how hiring a representative can help.
In Chiquita Brands Int’l, Inc. v. Nat’l Union Fire Ins. Co., 2015-Ohio-5477 (Oh. Ct. App. Dec. 30, 2015), the Court of Appeals of Ohio held that an insurer was entitled to recover defense costs and prejudgment interest pursuant to restitution theory.
This week, winter snowstorms swept through the East Coast of the United States and several surrounding areas, leaving snowfall of up to two to three feet in a 36-hour period.