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Lakeside FBBC, LP v. Everest Indemnity Insurance Co.

Court: WD Tx  04/08/2020  District Court Grants Summary Judgment for Insurer in Property Insurance Dispute

The court found that the insurer properly paid actual cash value and did not breach its contract with its insured where repair or replacement of the property had not yet occurred, and the insurer's conduct was consistent with the requirements of the Prompt Payment of Claims Act even if the ultimate award in appraisal was more than two times the value of the pre-appraisal payment by the insurer.

commercial property insurance policy, hail damage, tornado damage, property damage, business interruption, appraisal, actual cash value, replacement cost value, beach of contract, Prompt Payment of Claims Act, pre-appraisal payment, reasonableness

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