Arkansas § 23-88-106 Expense depreciation applicable when determining value of damaged property in insurance policies - Definitions

Arkansas Statutes

§ 23-88-106 — Expense depreciation applicable when determining value of damaged property in insurance policies - Definitions

Arkansas § 23-88-106

Title23

This text of Arkansas § 23-88-106 (Expense depreciation applicable when determining value of damaged property in insurance policies - Definitions) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-88-106 (2026).

Text

(a)As used in this section:

(1)"Damaged property" means a damaged dwelling, a damaged structure, damaged personal property, or any other damaged property or service, the damage to which is covered under the terms of an insurance policy; and (2) "Expense depreciation" means depreciation, including but not limited to the cost of goods, materials, labor, and services necessary to replace, repair, or rebuild damaged property.

(b)An insurance policy covering damaged property:

(1)May allow for expense depreciation; and (2) Shall provide notice within the insurance policy in a form approved by the Insurance Commissioner that expense depreciation may be deducted.

(c)If expense depreciation is applied to a loss for damaged property, the insurer shall provide a written explanation as to how the

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(a) As used in this section: (1) "Damaged property" means a damaged dwelling, a damaged structure, damaged personal property, or any other damaged property or service, the damage to which is covered under the terms of an insurance policy; and (2) "Expense depreciation" means depreciation, including but not limited to the cost of goods, materials, labor, and services necessary to replace, repair, or rebuild damaged property. (b) An insurance policy covering damaged property: (1) May allow for expense depreciation; and (2) Shall provide notice within the insurance policy in a form approved by the Insurance Commissioner that expense depreciation may be deducted. (c) If expense depreciation is applied to a loss for damaged property, the insurer shall provide a written explanation as to how the expense depreciation was calculated.