“Rather, it is the total economic value of the property that declines as the property’s physical condition deteriorates over time through wear, tear and obsolescence. Therefore, applying depreciation to the total economic value (i.e., the materials and the embedded labor) accurately restores the insured to the position they were in prior to the loss,” Egan said.
“We earned core income of $443 million, or $1.91 per diluted share, as outstanding underlying results, strong net favorable prior year reserve development and higher investment income more than offset catastrophe losses,” said Alan Schnitzer, Travelers’ chairman and CEO. Source link
Under Florida’s no-fault system, drivers are required to carry $10,000 in PIP coverage to cover their own medical expenses regardless of fault in an accident. However, critics argue that the $10,000 limit, unchanged since 1979, is insufficient to cover modern medical costs. Source link
