NC Business Court Weighs In On ‘Actual Cash Value’
By Susan Boyles
Accardi v. Hartford Underwriters Ins. Co., 2018 NCBC 109 (Oct. 22, 2018)
A storm damage claim with only $169.30 in controversy has set the stage for a battle over actual cash value calculations. In a win for insurance carriers, Business Court Judge Gregory McGuire dismissed a putative class-action lawsuit against Hartford, holding that its practice of depreciating labor costs when determining actual cash value on a first-party property loss claim was consistent with the policy’s language and North Carolina public policy.