Federal Judge in Mississippi 'Storm Surge' Case Upholds Home Insurance Flood Exclusion
National News • April 13, 2006
A federal judge in Mississippi has upheld the water damage exclusion in homeowners insurance policies in a ruling welcomed by insurers.
U.S. District Judge L.T. Senter, Jr. of the Southern ...
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Subject: RE: True Replacement Costs Depreciated = ACV
Posted On: May 16, 2006, 8:35 pm CDT
Posted By: Mark H
Comment:
Roger,
You are getting away from the additional numbers I provided. We can debate the various ways contractors apply O&P for days. You obviously prefer cumlative O&P, and as an independent contractor, you may charge however you wish.
However, 20% of $10,217.86 is the same, whether you pay part of it with the ACV payment and the rest with the RC payment, or pay it all on the front end.
My point is that a Replacement Cost policy does not owe the O&P on the Replacement Cost untill those costs are incurred by the insured.
As for the TDI... Their bulletins are for Texas. I do not deal with them and probably never will. It is obvious though, that you have many issues with the TDI (and TWIA), but I get lost in your extended diatribe. Try to keep it simple for us common folk.
Let me ask you this, Roger.
Are you concerned about whether the claim rep wrote an accurate estimate, or that you charge more than the claim rep will pay?
How much higher than the claim rep's estimate is your estimate?
Have you and the claim rep tried to reconsile the two estimates to be sure your comparing apples to apples?
Subject: RE: True Replacement Costs Depreciated = ACV
You are getting away from the additional numbers I provided. We can debate the various ways contractors apply O&P for days. You obviously prefer cumlative O&P, and as an independent contractor, you may charge however you wish.
However, 20% of $10,217.86 is the same, whether you pay part of it with the ACV payment and the rest with the RC payment, or pay it all on the front end.
My point is that a Replacement Cost policy does not owe the O&P on the Replacement Cost untill those costs are incurred by the insured.
As for the TDI... Their bulletins are for Texas. I do not deal with them and probably never will. It is obvious though, that you have many issues with the TDI (and TWIA), but I get lost in your extended diatribe. Try to keep it simple for us common folk.
Let me ask you this, Roger.
Are you concerned about whether the claim rep wrote an accurate estimate, or that you charge more than the claim rep will pay?
How much higher than the claim rep's estimate is your estimate?
Have you and the claim rep tried to reconsile the two estimates to be sure your comparing apples to apples?