Cincinnati Insurance reached an insurance class action settlement to resolve claims it wrongfully deducted depreciation from actual cash value payments.
The settlement benefits policyholders who experienced a covered structural loss for a property in Arizona, California, Illinois, Kentucky, Missouri, Ohio, Tennessee, Texas, Vermont, Virginia, Washington or Wisconsin that resulted in an actual cash value payment during various periods between April 8, 2012, and May 31, 2022.
For policyholders with claims in Arizona, California, Illinois, Kentucky, Ohio, Tennessee, Texas, Vermont, Virginia or Washington, the class period is April 8, 2020, to May 31, 2022. For policyholders of all defendants with structural loss claims in Wisconsin, the class period is April 8, 2021, to May 31, 2022.Â
For non-policyholders with claims in Missouri, the class period is April 8, 2012, to May 31, 2022. For policyholders with claims in Missouri, the class period is April 8, 2020, to May 31, 2022.Â
According to the class action lawsuit, Cincinnati Insurance wrongfully deducted depreciation from labor costs and general contractor overhead when paying actual cash value payments for structural losses. Plaintiffs in the case argue they should have received full reimbursement for these costs as part of their actual cash value payments.
Cincinnati Insurance is a business, home, auto and life insurance provider.
Cincinnati Insurance hasn’t admitted any wrongdoing but agreed to pay an undisclosed sum to resolve the class action lawsuit.
Under the terms of the settlement, class members can receive up to 100% reimbursement for non-material depreciation withheld from their original actual cash value payments. Class members will also receive 5% simple interest on this reimbursement.
Class members who had their nonmaterial depreciation repaid in full can receive a fixed payment of $25- $500, depending on the amount originally withheld.
The deadline for exclusion and objection is April 13, 2024.
The final approval hearing for the settlement is scheduled for May 13, 2024.
To receive a settlement payment, class members must submit a valid claim form by July 12, 2024.
Who’s Eligible
Policyholders who experienced a covered structural loss for a property in Arizona, California, Illinois, Kentucky, Missouri, Ohio, Tennessee, Texas, Vermont, Virginia, Washington or Wisconsin that resulted in an actual cash value payment during various periods between April 8, 2012, and May 31, 2022.
- For policyholders with claims in Arizona, California, Illinois, Kentucky, Ohio, Tennessee, Texas, Vermont, Virginia or Washington, the class period is April 8, 2020, to May 31, 2022.Â
- For policyholders of all defendants with structural loss claims in Wisconsin, the class period is April 8, 2021, to May 31, 2022.Â
- For non-policyholders with claims in Missouri, the class period is April 8, 2012, to May 31, 2022.Â
- For CGU policyholders with claims in Missouri, the class period is April 8, 2020, to May 31, 2022.
Potential Award
Varies
Proof of Purchase
Policy number, claim number, date of loss and insured premises address
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
07/12/2024
Case Name
Belle Meade Owners Association Inc. v. The Cincinnati Insurance Company, et al., Case No. 22-cv-00123, in the U.S. District Court for the Eastern District of Tennessee
Final Hearing
05/13/2024
Settlement Website
Claims Administrator
Belle Meade Labor Depreciation Settlement
c/o JND Legal Administration
P.O. Box 91490
Seattle, WA, 98111
info@BelleMeadeLaborDepreciationSettlement.com
888-995-0297
Class Counsel
Mark A Johnson
Mathew G Drocton
BAKER HOSTETLER LLP
George T Lewis
Ryan A Strain
BAKER DONELSON
Defense Counsel
Erik D Peterson
ERIK PETERSON LAW OFFICES PSC
Joseph Snodgrass
SNODGRASS LAW LLCÂ
Brandon McWherter
MCWHERTER SCOTT BOBBITT PLC
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