Discover Which Policy Type Makes Fire Litigation Easier
Video Transcript
Third-party liability insurance typically makes fire litigation easier because it can cover the property owner’s legal defense and any damages awarded to injured claimants. By contrast, first-party property coverage mainly reimburses the policyholder’s own losses and may not address others’ injury or wrongful-death claims. This article explains how liability vs. property policies affect who gets paid, what’s covered, and how to pursue or defend a fire-related lawsuit.
Ray Hrdlicka – Host – Attorneys.Media
“So, we have two policies, there, on fire-loss policies. Cash Value and Replacement Value.”
Spencer Freeman – Fire-Loss Attorney – Pierce County, WA
“The actual cash value and the replacement value, yes.”
Ray Hrdlicka – Host – Attorneys.Media
“Okay. Is one easier to work with than the other in terms of litigation?”
Spencer Freeman – Fire-Loss Attorney – Pierce County, WA
“No. As far as litigation is concerned, they’re going to be somewhat similar. There’re more issues available to litigate in a replacement cost value case. I think the bigger thing is…in a replacement value case there’s more access to funds and there’s more access to rebuilding the house for the homeowner. So, if you don’t know what kind of policy you have and you’re a homeowner, you need to go check. The best policy to have is…”
Ray Hrdlicka – Host – Attorneys.Media
“No kidding…it sounds like it’s the replacement, of course.”
Spencer Freeman – Fire-Loss Attorney – Pierce County, WA
“No question. No question.”