Section Ins 1002.09 - Value of Total Losses - Other than Motor Vehicle When the insured's or claimant's property has been determined to be a total loss, and there is no dispute concerning liability or coverage, and the provisions of RSA 407:11 do not apply, insurers attempting to establish the value of the property shall:
(a) Value the property in the community where the total loss property is located;(b) Be prohibited from using arbitrary methods to establish the value of the property that do not take into consideration the specific characteristics of the property, however, this shall not preclude the insurer from making an offer of settlement on property based upon the fair market value of like kind and quality property wherever situated.(c) Consider as an element of damages additional costs incurred in purchasing and shipping the property.(d) Comply with Ins 1002.18 for every total loss settlement made or offered by the insurer to replace lost or damaged jewelry, watches, precious, or semi-precious stones, under applicable property insurance.N.H. Admin. Code § Ins 1002.09
#8900, eff 7-1-07; amd by #9495, eff 6-29-09
Amended by Volume XXXV Number 45, Filed November 12, 2015, Proposed by #10962, Effective 10/26/2015, Expires 10/26/2025.