WebThe Indiana court called the broad evidence rule a flexible rule that permitted an appraiser, court, or jury to consider any relevant factor in determining actual cash value of damaged property. Travelers Indemnity Co., 442 N.E.2d at 356. ¶10 Redcorn insists that depreciation of labor costs is inconsistent with the principle of indemnity. WebMar 29, 2015 · If the policy does not define actual cash value, in Michigan, “all evidence relevant to an accurate determination of the Property’s value must be considered.” 1 …
broad evidence rule - IRMI
The broad evidence rule outlines the guidelines that insurers must go about in determining the value of lost, stolen, or damaged property. It does not specify any one method to value any one piece of property, only that the method which most accurately represents the true cash value of the property should … See more The broad evidence rule is used by insurance companies to determine the dollar amount to be paid out to the insured in the event of a claim. As opposed to using the traditional actual cash valueapproach of … See more The broad evidence rule’s strength is its inclusiveness and flexibility. It has been praised for indemnifying an insured party through a fairer distribution of insurance proceeds than results from other approaches. This is … See more The McAnarney v. Newark Fire Insurance Company case of 1919 is often credited as establishing a precedent for implementation of … See more WebFeb 21, 2016 · Under the broad evidence rule, embedded-labor-cost depreciation was one factor that the trier of fact might consider and weigh among other factors to determine the actual cash value of the damaged property. east bernard isd calendar
Godfrey & Kahn: Minnesota Supreme Court allows jury to consider …
WebOct 13, 2015 · Broad Evidence Rule – External Circumstances Laws in several states require all external evidence surrounding the use and value of property be considered when establishing the true value... WebThe Illinois Supreme Court mentioned, but did not elaborate on the fact, that in Oklahoma actual cash value is determined by the “broad evidence rule,” which considers any and … WebA) the circumstantial evidence rule B) the broad evidence rule C) the property indemnity rule D) the objective value rule B ) A total loss under a valued policy is settled on the basis of the A) market value of the loss. cuban machine