Law360, New York (April 13, 2015, 10:57 AM EDT) -- The legal media has largely overlooked the next big wave of class actions against insurance companies, which is heating up in cases across the country. The issue is whether, when estimating the actual cash value of property damage under a homeowners' insurance policy, an insurer may apply depreciation to the labor component of the replacement cost estimate.
The issue has been decided by state supreme courts in Oklahoma and Arkansas, with the insurer prevailing in Oklahoma and the insureds prevailing in Arkansas. Federal district courts in Kentucky and Missouri both recently ruled against insurers. The issue appears to be on its...
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