Insurance 101 – Chapter 9 – Volume 63 – The Broad Evidence Rule – 2

The Broad Evidence Rule – 2

Actual cash value in Oklahoma is determined by the “broad evidence rule” as described in Rochester American Ins. Co. v. Short, 1953 OK 4, 252 P. 2d 490. The Court explains the relation between actual cash value and the broad evidence rule. Actual cash value of a building totally destroyed by fire is a matter of fact to be determined by a consideration of all relevant factors and circumstances existing at the time of loss. Some relevant factors listed in Rochester include purchase price, replacement cost, appreciation or depreciation, the age of the building, the condition in which it has been maintained and market value.

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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