Atlantic Specialty is following the terms of the standard fire contract for most states. More importantly it appears to be acting in good faith with their insured. Fire policies pay Actual Cash Value until the property has been replaced or reconstructed.
Local politicians and media can play this up for their constituents but in the end the insurer has state insurance laws on its side.
Atlantic Specialty is following the terms of the standard fire contract for most states. More importantly it appears to be acting in good faith with their insured. Fire policies pay Actual Cash Value until the property has been replaced or reconstructed.
Local politicians and media can play this up for their constituents but in the end the insurer has state insurance laws on its side.
While the article comments on ACV v. RC, the initial and most important dispute appears to be over valuation.