Appendix D California Actual Cash Value Statute
| Library | The Commercial Property Insurance Policy Deskbook (ABA) (2018 Ed.) |
The California legislature, in its continuing effort to micromanage the business of insurance, enacted California Insurance Code section 2051.5 to clarify how insurers are to treat actual cash value in the state when adjusting California claims. In so doing, it rewrote insurance policies that placed time limits on the time available to rebuild and collect full replacement cost, among other things, and prohibits certain limiting language in residential property insurance policies.
The full text of the statute follows:
California Insurance Code Section 2051.5....
(a) Under an open policy that requires payment of the replacement cost for
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