Legal Question in Insurance Law in California
residential insurance claim
Does a 3rd party claimant have to accept depreciated prices for payment of personal property when damage was caused by the neligence of the insured?
2 Answers from Attorneys
Re: residential insurance claim
I would disagree with Mr. Murry, but only to the extent that the depreciated value should be the fair market value. Fair market value is the cost to replace the item in its pre-loss condition. So, if the item is a 4 year old 40" tv, then you can determine the fair market value. This should also be the depreciated amount as California does not allow an insurance company to use set depreciation schedules.
Re: residential insurance claim
No. A tort claimant is entitled to fair market value, and perhaps consequential damages. FMV may be different from depreciated value.
Related Questions & Answers
-
Vehicle damage what to do if responsible wont pay Asked 2/02/07, 3:02 pm in United States California Insurance Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
