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Thread: diminished value

  1. #11
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    Default Geddes

    "‘Diminution in market value’ is not a ‘peril’ at all; it is a method of measuring damages. As
    was stated in Geddes: ‘The measure of damages is the diminution in the market value of
    the building ...’ (Geddes & Smith, Inc. v. St. Paul Mercury Indemnity Co., supra, 51 Cal.2d
    558, 565...). This language from Geddes was quoted by the Eichler court to support its
    conclusion that the diminution in the market value of the home was a ‘separate and distinct’
    loss. (citations omitted). [D]amage to other property could be measured by the repair or
    replacement cost or by the diminution in value to the entire property caused by the
    presence of the defective product. ...neither diminution in value nor the cost of repair or
    replacement are active physical forces - they are not the cause of the damage to the
    structures; they are the measure of the loss or damage. ... diminution of market value is not
    specifically excluded because it is not a ‘cause’ of loss; it is the measure of a loss caused
    by something else.”



  2. #12
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    Default

    AdjusterJack Said:

    "Well, you know what "assume" does. And it just did it.

    I'm a 35 year veteran of the insurance industry with the last 9 years as a claim rep before I retired. I made a good career out of it and while I liked my work (giving away my employer's money), I never really had any love for the industry and throughout my career, and since my retirement, I've been happy to reveal the inside secrets of the insurance industry to people going up against it.

    Unfortunately, while many of my analyses are successful in helping people, quite often the reality of some of my comments just plain sucks."


    With 15 years directly working all facets of automobile insurance claims, I too have began helping both the industry and the public alike to "create their own reality". Case law is very helpful, but it is often interpreted very differently by Judges. We have been successful many times recovering diminished value in California. If you believe you will lose, then you will. If you believe you will win, that attitude comes across and there is no question as to whether there will be a legal battle. There are always risks when relying on the justice of our civil courts, but to give up because something is "unlikely" is akin to not trying because it is hard. Unlikely has never deterred me.

  3. #13
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    Default

    Quote Originally Posted by detailadjuster View Post



    With 15 years directly working all facets of automobile insurance claims, I too have began helping both the industry and the public alike to "create their own reality". Case law is very helpful, but it is often interpreted very differently by Judges. We have been successful many times recovering diminished value in California. If you believe you will lose, then you will. If you believe you will win, that attitude comes across and there is no question as to whether there will be a legal battle. There are always risks when relying on the justice of our civil courts, but to give up because something is "unlikely" is akin to not trying because it is hard. Unlikely has never deterred me.

    Nobody is telling the guy to give up because it's unlikely. Just telling him what he's up against if he chooses to pursue it. To be forewarned is to be forearmed.

    By the way, do you provide your services on a contigency, or do you collect your fee up front regardless of whether or not the claimant wins his DV claim?

  4. #14
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    Default Diminished Value

    It is my understanding that working for a contingency or based upon whether one recovers money is potentially illegal. It is in conflict with the certification terms required by the USPAP. Although we hold both an all lines license and a public license we can't be "non-biased" third parties if we have an interest in the settlement of the claim (some places, like FL allow public adjusters to represent third party claimants on a contingency, but we don't). We work on a flat rate.

    What we will do is perform the necessary research to determine the actual amount of diminished value and provide that figure to our clients before we ask that they pay for the formal certified report. Additionally, I make sure we never leave anybody hanging. If you felt so inclined, you could get me on the phone today.

    I enjoy a good alternate point of view, and I am not trying to discredit your input, just provide that bit of enthusiasm that is sometimes needed to jolt a claim out of the hands of an adjuster and into the hands of a VP of claims, litigation adjuster, or staff counsel. Many times, just the credible threat of suit is enough to make a company more "reasonable". Everybody should be prepared to negotiate a little.

    We are not known for making decisions based on economics or case law, rather we work on the concept of principle. We see the terrible side of justice quite a bit, and just to temper our attitude a little, we will admit that sometimes, success is based on what specific company and adjuster you are dealing with. If I have learned anything, it is that there is a wide range of "knowledge" and many levels of "experience" when it comes to insurance adjusters in general.

  5. #15
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    Default

    Merchant Shippers Association v. Kellogg Express and Draying Co. (1946) 28 Cal.2d 594, 600 [170 P.2d 923]

    This case law may better illustrate my opinion. It was part of the reading adjusterjack provided on jury charges. I think it is pretty clear.

  6. #16
    New User Level 0 AUTOMOBILEDIMINISHEDVALUE's Avatar
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    With automobile diminished value - in every state except Michigan - we're dealing with Case Law, not actual law. So what that means is that insurance adjusters will try their utmost to pare your diminished value down to almost nothing right up until they are faced with a court case. As long as your appraiser didn't use some formula or auto auction results to obtain the DV amount, and that he or she is a licensed appraiser in at least one US jurisdiction, threaten to get your attorney involved and your claim will get to a supervisor very quickly.

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