Loss Claim Appraisals (with or without insurance)
We perform appraisals for a variety of loss matters, whether diminution of value or total loss, claims against the insured’s carrier or another’s carrier, or claims against another entity.
Replacement Value is used for loss claims when the owner has their own Replacement Value policy in effect at the time of the loss. Most states, including California, use Actual Cash Value or Fair Market Value for settling a claim if no first-party Replacement Value insurance policy was in effect at the time. The difference between Replacement Value and Fair Market Value can be significant.
Fair Market Value is also the type of value most typically used when no insurance policy is at issue, defined by the federal government here: 26 CFR § 25.2512-1. [See also the “Litigation Support” page of this website.]