Ghoman v. New Hampshire Insurance

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that, under Texas law, ACV is synonymous with fair market value, which the court interpreted to mean replacement cost minus depreciation where the policy did not define ACV
• “Under Texas law, the term ‘actual cash value’ is synonymous with ‘fair market value.’” (citing cases)
• “Under Texas law, the term ‘actual cash value’ is synonymous with ‘fair market value.’” (citing cases)
• “actual cash value” means “any cost that an insured is reasonably likely to incur in repairing or replacing a covered loss” and “sales tax clearly fits this definition”
• “The court concludes that ‘actual cash value’ under the policy means repair or replacement costs less depreciation. Repair or replacement costs include any cost that an insured is reasonably likely to incur in repairing or replacing a covered loss.”
• “To be sure, what is contemplated is that, ordinarily, actual cash value will be less than replacement cost; thus, the insurer will first pay the lesser amount; and then, upon completion ... will pay the difference between actual cash value and replacement cost ... ”

Source: CourtListener parenthetical corpus (CC0).