Month: September 2015

For purposes of insurance, property damage losses are generally determined using one of two valuation methods: (1) actual cash value; or (2) replacement cost.  Most insurance policies specifically provide for recovery based on a replacement-cost basis.  However, there are policies that limit recovery to actual cash value.  It is also common for policies to limit… Continue reading Calculating Actual Cash Value under the Broad Evidence Rule

Most third-party liability policies are occurrence based.  In order for a loss to be covered under such a policy, the damage at issue must “occur” during the policy period.  In most instances, it does not matter when a claim is actually asserted as long as the damage took place during the policy period.  A claims-made… Continue reading What Constitutes a Claim Under a Claims-Made Policy?

Seton Hall University School of Law held its 31st annual Red Mass tonight at the Cathedral Basilica of the Sacred Heart in Newark, New Jersey. Dating back to the 13th century, and first held in the United States in 1928, “the Red Mass is traditionally a Solemn Votive Mass of the Holy Spirit celebrated at… Continue reading The Red Mass

The general statute of limitations for breach of contract actions in New Jersey is six years.  That statute generally applies to claims seeking recovery under an insurance policy.  Most first-party property insurance policies, however, contain an express contractual provision, known as a suit-limitation provision, that limits the time period within which an action seeking recovery… Continue reading N.J. Federal Judge Once Again Holds Suit-Limitation Provision No Bar to Sandy Claim