Strategies, Challenges, and Answers

Replacement Value Not ACV Is The Proper Measure Of Damages In A Homeowner’s Theft Claim Where Policy Provides For Same

Victor and Arlene Havas took issue with the way their homeowner’s insurance company, Atlantic Insurance Company valued the property that they lost because of a theft at their home.  Mr. & Mrs. Havas submitted their claim to the insurance company seeking recovery of the value of the lost property.  The Havas’s insurance policy provided that recovery would be limited to an amount not exceeding either the cost of repair or replacement of the property with material of like kind and … [Read more...]

The Nevada Supreme Court Enforced An Oral Insurance Contract Based On A Handshake

Many dream of living back in the day when a man’s word was his bond and a handshake was enough to seal a deal.  But even back then, was a handshake a good way to do business?  Apparently not for Mr. Whitaker and Mr. Musgrave.  Their tale is found in the reports of the Nevada Supreme Court, Truck Ins. Exch. v. Whitaker & Musgrave, 71 Nev. 1, 278 P.2d 277 (1955).The two became partners in the livestock business.  Musgrave owned the local livestock auction in Fallon, Nevada.  Whitaker owned … [Read more...]

Replacement Value Not ACV Is The Proper Measure Of Damages In A Homeowner’s Theft Claim Where Policy Provides For Same

Victor and Arlene Havas took issue with the way their homeowner’s insurance company, Atlantic Insurance Company valued the property that they lost because of a theft at their home.  Mr. & Mrs. Havas submitted their claim to the insurance company seeking recovery of the value of the lost property.  The Havas’s insurance policy provided that recovery would be limited to an amount not exceeding either the cost of repair or replacement of the property with material of like kind and … [Read more...]