Property Insurance Claims and the Broad Evidence Rule: Negotiating and Litigating the Amount of Indemnity
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Insurance
- event Date
Tuesday, February 11, 2025
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE webinar will offer insurer or policyholder counsel guidance on negotiating and litigating the value of property losses using the broad evidence rule.
Mr. Boone focuses his practice on a wide range of corporate, executive and professional liability matters as both coverage and defense counsel. He has appeared on behalf of insurers, entities and individuals before federal and state courts throughout the United States at both the trial and appellate levels. Mr. Boone also has extensive experience in resolving legal issues prior to litigation, which includes everything from monitoring sensitive and complex insurance coverage matters to representing clients in a variety of federal, state and internal investigations. He has also advised numerous established and startup companies regarding corporate governance matters and currently serves as a director or adviser on several corporate boards.
Ms. Mumford Myers represents corporate policyholders in complex, high-stakes insurance coverage disputes and litigation. She has helped policyholders recover from first-party losses and fund defense and settlement of third-party claims under a wide range of insurance policies, including property, cyber, general liability, Directors & Officers, and Errors & Omissions policies.
Ms. Cheng is well versed in the area of design professionals liability claims. Educated as an architect, he has advised a number of domestic and international design professionals in contract negotiation, risk management, insurance procurement and potential pitfalls in domestic and overseas projects in Asian countries, including China. Mr. Cheng is a native of Hong Kong, China, and is fluent in Cantonese, Mandarin and English.
Property insurance policies normally provide for the payment of replacement cost value (RCV) or the actual cash value (ACV) of the insured property. RCV is usually defined in the policy. If the policy stipulates that the loss will be the ACV, on the other hand, the policy often does not define ACV, for several reasons. ACV can be (1) the fair market value, (2) replacement costs minus depreciation, or (3) the most prevalent method, the broad evidence rule.
Although it is the majority rule for determining ACV, no clear definition of the broad evidence rule exists other than the general principle that everything that contributes to the value of the property should be considered. All the factors that would be considered in any other methodology are fair game plus a virtually never-ending list of others. One of the most disputed issues is whether an insured's plans to dispose of the property at the time of loss should be considered.
Listen as this panel of insurance practitioners offers clarity to this complicated and often litigated issue of value property losses and how to successfully navigate the broad evidence rule.
- ACV vs. RCV coverage defined and distinguished
- Historical development of broad evidence rule
- Completing the proof of loss
- Factors considered
- Discovery best practices
- Selection and use of experts
- Effect of co-insurance or endorsements
- Total and partial losses
The panel will review these and other important issues:
- Whether specialized maintenance or upgrades done by the insured should be taken into account
- What deductions should be made in recovery for the fact that the insured may be getting new for old (a new or improved property)?
- Why has the broad evidence rule become the prevailing approach?
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