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This formula originated in a Georgia claims case involving a State Farm diminished value claim, where it appeared in paragraph 17, section c (which is where it got its name).
The California Government Claims Act (formerly known as the Tort Claims Act) sets forth the procedures that must be followed when filing a claim for money or damages against a governmental entity in the state of California. This includes state, county, and local entities, as well as their employees. The Government Claims Act is found in ...
In Michigan diminished value claims are limited to $3,000 maximum by the state's mini-tort legislation. There is no diminished value claims in the state of Michigan. The Mini-Tort legislation is for the uninsured portion, typically the deductible if insured, of the damages to the vehicle, up to a maximum of $3,000.
After car accidents, the right to claim diminution in value depends on the country or state [2] and who is at fault. [3]Major car rental companies do charge their renters for diminished value after accidents, unless the renter pays for a Damage waiver (Avis, [4] Budget, [5] National, [6] Thrifty [7]).
California lawmakers have created a wildfire insurance fund with access to $21 billion that is meant to ensure that Southern California Edison remains solvent and victims' claims are paid in full.
According to the industry's Insurance Information Institute, California’s insurers paid out $1.08 in claims and claims-related expenses for every dollar collected in premiums between 2013 and 2022.
In 2010, the California Legislature adopted AB 2372, which made most thefts of a value under $950 misdemeanors, increasing the threshold from $400, which had been in effect since 1982. This was done to keep the definition of felony theft consistent, while adjusting for the effects of inflation.
If the FAIR Plan does not have the money to pay out all claims, it collects money from insurance companies that operate in California. [6] According to data from 2020, the FAIR Plan covers 2.5% of the statewide market share, but 20.4% of the market share in ZIP codes at high risk from wildfires. [7]