Insurance 101 – Chapter 8 – Volume 86 – The Nebraska Variation – 2

The Nebraska Variation – 2

The insurer contended that, because it insured the building for actual cash value (at Olson’s choosing), the deduction of  depreciation was proper. Le Mars also urged the court to adopt the broad evidence rule which permits a finder of fact to consider every fact and circumstance that would logically tend to the formation of a correct estimate of the building’s value. Such facts and  circumstances would include the original cost of the building, the economic value of the building, the income derived from the use of the building, the age, condition, and market value of the building, and the deterioration to which the building had been subjected over the years.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

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