23-88-106. Expense depreciation applicable when determining value of damaged property in insurance policies — Definitions.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-88-106. Expense depreciation applicable when determining value of damaged property in insurance policies — Definitions.

23-88-106. Expense depreciation applicable when determining value of damaged property in insurance policies — Definitions. (a) As used in this section: (1) “Damaged property” means a damaged dwelling, a damaged structure, damaged personal property, or any other damaged property or service, the damage to which is covered under the terms of an insurance policy; and (2) “Expense depreciation” means depreciation, including but not limited to the cost of goods, materials, labor, and services necessary to replace, repair, or rebuild damaged property. (b) An insurance policy covering damaged property: (1) May allow for expense depreciation; and (2) Shall provide notice within the insurance policy in a form approved by the Insurance Commissioner that expense depreciation may be deducted. (c) If expense depreciation is applied to a loss for damaged property, the insurer shall provide a written explanation as to how the expense depreciation was calculated.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-88-106

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.