April 1, 2014
- 217 Insurance
- 217XVI Coverage-Property Insurance
- 217XVI(A) In General
- 217k2180 Valuation
- 217k2183 k. Personal Property.
While chinchillas and animals may not be “material” in ordinary sense of that word, they are “property” within valuation condition of fire policy limiting insured’s recovery to actual cash value of property at time of loss, with proper deduction for depreciation, and providing that in no event shall it exceed what it would cost to repair or replace same with material of like kind and quality.
Pinet v. New Hampshire Fire Ins. Co., 126 A.2d 262 (N.H. 1956)
Suggested by Kimberly Hubbard, Law Student; University of Missouri School of Law; Columbia, Mo.