Fifth Circuit Holds That Sales Tax is Not a Component of Actual Cash Value
The Property Insurance Law Observer
JULY 29, 2024
The policyholder’s contract provided: Limit of liability A. Our limit of liability for loss will be the lesser of the: 1. Actual cash value of the stolen or damaged property less the deductible; or 2. Amount necessary to repair or replace the property with other property of like kind and quality less the deductible.
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