Often, litigants attempt to use the Valued Policy Law to establish that losses are total for purposes of maximizing policy recovery. In many instances, unless the home or structure is totally destroyed and “on the ground,” so to speak, expert proof can be adduced to establish that much of the building could be re-used, and
2009
Tennessee’s Valued Policy Law Should Apply Only To Losses By Fire, Not Windstorm
By Parks Chastain on
Posted in Valued Policy Law
For the past two years, the spring months have brought severe and deadly tornados to various parts of Tennessee. One issue that has often arisen, but has not yet been addressed by any Tennessee appellate court, is the extent to which Tennessee’s “Valued Policy Law” would, or should, apply to wind or tornado losses.
Tennessee’s…
An Outline for Dealing with the Judicial Estoppel Defense
By Brandon McWherter on
Posted in Judicial Estoppel
Insurers often assert the doctrine of judicial estoppel as a defense to first party claims when the insured filed bankrupcty within a few years prior to an insured loss. The most common scenario is a homeowner files bankruptcy, and utilizes the amount exempted by bankruptcy law as the value of his or her personal property…
Tennessee’s Elusive Standard for Valuing Household Personal Goods
By Brandon McWherter on
Posted in Valuation Issues
A common question around my office is, “How do I know what values to claim for my personal goods?” Fortunately, a 1958 Tennessee Court of Appeals opinion provides the answer, but it is not one that is widely disseminated by adjusters to policyholders. In Tennessee, household goods, furniture, clothing and other articles acquired for personal…