Fifth Circuit Holds That Sales Tax is Not a Component of Actual Cash Value
The Property Insurance Law Observer
JULY 29, 2024
Ending a putative class action, the United States Court of Appeals for the Fifth Circuit examined policy language and two statutes to hold that an insurer does not owe sales tax on top of an actual cash value payment. Actual cash value of the stolen or damaged property less the deductible; or 2. The address shown in this policy.
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