Damage Payouts Must Cover Contractor Fees, Pa. Judge Says
Law360, Philadelphia (April 21, 2017, 4:27 PM EDT) -- A Farmers Insurance division was handed a defeat in a pair of class actions Friday as a judge ruled Pennsylvania state law required general contractor overhead costs and profit be included in settlements paid to settle damage claims filed by homeowners.
Judge Ramy Djerassi in the Philadelphia County Court of Common Pleas said Truck Insurance Exchange had improperly excluded the costs as it calculated the actual cash value — defined as the total cost of replacing damaged property minus depreciation — of claims two policyholders had filed for their properties.
“We declare Pennsylvania law requires estimated general contractor overhead and profit...
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