Dallas Fort Worth Insurance Lawyer Blog

Dallas insurance attorneys need to know the difference between “replacement cost” and “actual cash value” in an insurance policy.

The 1998, Austin Court of Appeals opinion in the case styled, “Great Texas County Mutual Insurance Co. v. Lewis” lends some insight into the differences.

Here is some relevant information:

Dallas insurance lawyers have to understand how the courts look at “all risk” insurance policies.

Property insurance may be issued on either:

A. An “all risk” basis, meaning that all risks of physical loss are covered except for excluded perils; or B. A “named peril” basis, meaning that physical loss is covered for certain causes only.

Grand Prairie insurance lawyers and those in Irving, Arlington, Mansfield, and other places in the DFW area to know this case.

The case is styled, Jones v. Texas Pacific Indemnity Company. It is a 1993, Dallas Court of Appeals opinion.

Here is some relevant information:

Weatherford insurance attorneys need to understand the idea of “insurable interest” as it relates to property insurance claims.

A person or entity must have an insurable interest in the insured property to recover under an insurance policy. This was clearly stated in the 1993, Dallas Court of Appeals case, Jones v. Texas Pacific Indemnity Company.

An insurable interest exists when the insured derives a pecuniary benefit or advantage by the preservation and continued existence of the property or would sustain a pecuniary loss from its destruction.

Fort Worth insurance lawyers need to understand the different types of property insurance to be able to properly advise clients.

As stated by a 1972, Dallas Court of Appeals case, property insurance involves the indemnification of the insured by the insurance company for the loss of, or damage to, identifiable property.

These property insurance policies are intended solely to indemnify the insured for their actual monetary loss.

Weatherford attorneys and those in Willow Park, Hudson Oaks, Aledo, Springtown, Milsap, Brock and other places in Parker County need to be able to understand a declarations page in an insurance policy.

Some policies, especially first-party policies, contain a contractual time limit on claims. The policy must be read carefully to determine whether it contains a provision that otherwise alters the statute of limitations applicable to contract actions.

One example is found in the Texas Homeowners Policy — Form B (HOB). It contains a contractual two year and one day limitations period. This contractual limitations period supersedes the standard four year contractual statute of limitations period that normally exists. This provision was upheld in the 199, Texarkana Court of Appeals case, Stevens v. State Farm Fire & Cas. Co. As a result of this ruling, a breach of contract action involving the HOB policy must be brought no later than two years and one day after the homeowner’s claim is denied by the insurer.

Weatherford lawyers who handle insurance cases need to be able to read and understand a declarations page. So should attorneys in Mineral Wells, Aledo, Springtown, and other parts of Parker County and Palo Pinto County.

The insuring clause is the insurance company’s agreement to provide coverage to the insured. One policy may include several insuring clauses.

The insuring clause is the foundation of the agreement and forms the basis for all obligations owed to the insured. Unless this clause provides coverage for a claim, it is unlikely that any other term of the policy will do so.

Dallas insurance lawyers need to be able to read an insurance policy declarations page. So do Grand Prairie, Richardson, Mesquite, Garland, and Carrollton lawyers.

Insurance policies normally have a declarations page or pages. The declarations page sets forth the identity of the insured, the policy limits, and the duration of coverage, and it identifies the attached policy forms. The San Antonio Court of Appeals and Houston Court of Appeals 14th, has said the main function of the declarations page is to customize the policy for the particular insured and the specific risks covered by the policy.

What insurance lawyers need to know is that in determining the coverage provided by an insurance policy, always to carefully review the declarations page, which will list the various forms and endorsements that constitute the complete policy. Comparing the declarations page to the actual policy is important because sometimes the insurer attaches the wrong forms or endorsements. In some situations, insurers have inadvertently omitted forms or endorsements at the time the policy is sent to the insured. By comparing the list of forms and endorsements set forth on the declarations page, it is possible to verify the precise forms and endorsements issued to the insured.