US EditionMaryland Insurance Administration proposes labor cost depreciation prohibition on ACV claims
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Maryland Insurance Administration proposes labor cost depreciation prohibition on ACV claims
The Maryland Insurance Administration (MIA) has proposed a bulletin that states property insurers cannot depreciate labor costs when settling claims on an actual cash value (ACV) basis. The bulletin doesn’t specify any particular line of insurance, such as automobile or homeowners, despite primarily using home property categories of expenses as examples. “The cost of repairing or replacing damaged property is generally considered to be the sum o…
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