Establishing the Value of Historic Finishes
April 24, 2020
When an adjacent apartment flooded this prestigious Park Avenue condominium, Eastern Public was called immediately due to our reputation as experienced managers of luxury property claims. Preparing the claim required coordination with artisans and craftsmen from around the world. We then worked with the client’s architects and designers to prepare the claim, ultimately negotiating a settlement that fully funded the restoration.
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News & Press
In property insurance claims, Actual Cash Value (ACV) is often calculated as replacement cost minus depreciation—but that doesn’t always reflect a property’s true value. Under the Broad Evidence Rule, adjusters and appraisers are encouraged to consider multiple factors, such as market value, functional condition, and income potential, to arrive at a fairer and more accurate valuation. This approach is especially useful for properties with unique characteristics or market conditions that don’t fit neatly into a standard formula. By weighting different valuation inputs, professionals can better capture the real economic loss—leading to more balanced, defensible outcomes for both insurers and policyholders.
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