Tuesday, March 10, 2009

Appraisal, Overhead and Profit and Fees

In Goff v. State Farm Florida Ins. Co., 999 So. 2d 684 (Fla. 2d DCA 2008), the Second District addressed a number of issues that constantly appear in the Florida appellate courts. Goff filed a lawsuit and State Farm moved to compel appraisal. Among the court's holdings were:
1.) Confirmation of an appraisal award is not necessary after payment has been made;
2.) Attorneys fees against an insurer can be awarded even if no judgment is entered;
3.) "Actual cash value includes overhead and profit where the insured is reasonably likely to need a general contractor for repairs.";
4.) An insurer is entitled to withhold the depreciated amount of overhead and profit until the repairs are actually completed.


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