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Final report of 2017 session

Upon the close of the 2017 session of the Arkansas Legislature, PIA is pleased to report that there were no new laws passed that would have a negative impact on our members.  One ACT of note, ACT 279, clarifies the treatment of labor as a component of replacement cost when depreciation is calculated for settlement of an insurance claim on the basis of Actual Cash Value.  ACT 683 amends the method of payment under the Valued Policy Law for settlement of claims for total loss of a building insured by a blanket insurance policy, allowing for the stated coverage amount to be paid on the initial claim until such time as the ultimate loss amount is calculated and agreed to.

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