Jul 8, 2022
The standard calculation of value for property damage is usually either the fair market value before the loss less the fair market value after the loss, OR the cost to repair the property. But what happens when the repairs do not or cannot bring the property back to its pre-loss condition? You, or more specifically, your insured, might have a claim for diminution in value. Listen in to this week's episode as Rebecca and Steve discuss the different types of diminution in value claims, when they can be brought against a carrier or tortfeasor, what standards of proof apply, and how court's calculate those damages. Do cars really lose value just by being involved in car accidents? And why should subrogated carriers and their attorneys care about these claims if they are owned solely by the insured? Listen in to find out.