On a property damage claim, depreciating labor costs on insurance payments passes a significant part of labor repair costs to both the consumer and their repair contractor. The commissioner has seen a rise in the number of policy forms that write this practice into the definition of actual cash value. As a result, the commissioner is seeking rulemaking to prohibit the depreciation of labor on property claims.
- Oct. 13, 2021 at 9:00 a.m.
- Register for the public hearing via Zoom