The Supreme Court of Arizona described three separate and distinct ways to define a property's ACV that had been posited in Arizona: the property's fair market value; the cost of replacing the property less depreciation (RCLD); and using the "broad evidence rule."(Credit: davit85/Adobe Stock)
The Supreme Court of Arizona recently answered two questions certified by the U.S. District Court for the District of Arizona that both concerned how an insurer may or may not use depreciation in calculating the actual cash value (ACV) of damaged property. The case is Walker v. Auto-Owners Ins. Co., 2022 Ariz. LEXIS 306 (Ariz. 2022).
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