Determining the actual cash value of damaged or destroyed property has long been considered a routine process in first-party coverage. In recent years, a trend has emerged to question whether the labor costs to repair or replace an item can be depreciated. We will explore cases defining actual cash value and the new definitions added to policies by some carriers. In this class, you will:

• Understand why actual cash value is a baseline for indemnity payments.
• Explore how courts have limited the definition of actual cash value in recent years.
• Identify whether carriers have been successful in redefining actual cash value in face of court definitions.