Illinois High Court: Depreciation Cannot Be Applied To ‘Intangible Labor Component’

Mealey's (September 24, 2021, 12:09 PM EDT) -- SPRINGFIELD, Ill. — The Illinois Supreme Court on Sept. 23 held that a homeowners insurer cannot depreciate the “intangible” cost of labor when determining the actual cash value of its insured’s loss as defined under the policy’s Dwelling coverage, affirming an Illinois appeals court’s answer to a certified question in a coverage dispute arising from wind damage but noting that it does not agree with all of the appeals court’s reasoning....

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