Nebraska Variation – 2
The Nebraska Department of Insurance, as a result, notified insurers that deduction for depreciation will not be permitted under Nebraska law. This pertains to policies where the insurer did not include explicit terms permitting the deduction of depreciation from claims settlements made on an actual cash value basis. Insurers will be allowed to endorse their new and renewal policies to include language to explain in more detail the deduction of depreciation for losses paid on an actual cash value basis.
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