Iowa Insurance Commissioner Bulletin: March 5, 2009

Abstract

This bulletin is intended to promote understanding of Actual Cash Value settlements in property policies that do not contain a definition of Actual Cash Value (ACV). If the governing property policy does not define ACV, Iowa law allows insurers to take into consideration items including, but not limited to: 1. the market value of the property at the time of the loss; 2. replacement cost at the time of the loss less depreciation; and 3. any other relevant evidence or information to determine ACV