Settlement Structure: Claims Made
Active: OpenCase Summary:
Erie Insurance Company and Erie Insurance Exchange are settling a class action alleging that they improperly subtracted depreciation from costs of labor and other nonmaterial items on some homeowners’ insurance claims in Ohio.Docket Number:
Company: Erie Insurance Company
Filing Deadline: October 3, 2022
Class Period: March 20, 2019 to November 14, 2020
Objection Deadline: July 20, 2022
Exclusion Deadline: July 20, 2022
Final Approval Hearing: August 19, 2022Proof of Purchase:
If you are a contractor who has been assigned insurance benefits, you must attach written evidence of the assignment.Eligibility:
You may be eligible if
- You are a policy holder under any homeowner residential property insurance policy issued by Erie Insurance Company and Erie Insurance Exchange, except for those excluded, who made a structural damage claim for property located in Ohio, between March 20, 2019 and November 14, 2020, that was a covered loss, and
- That resulted in an actual cash value payment during the class period from which nonmaterial depreciation was withheld, or that would have resulted in an actual cash value payment except for the withholding of nonmaterial depreciation causing the the loss to drop below the deductible.
Not included are
- Policyholders whose claims arose under policy forms, endorsements, or riders that expressly allow deduction of nonmaterial depreciation within their text with the express use of the words “depreciation” and “labor,”
- Policyholders who received one or more actual cash value payments that exhausted the limits of the insurance, and
- Policyholders whose claims were denied or abandoned without actual cash value payments.
For the full list of exclusions, see the Notice at https://ohiodepreciationclass.com/Portals/0/7641_Stevener_Notice_WEB_v2.pdf?ver=36PBf8pcDtJ0e4b0LrtDWA%3d%3d.
Benefits: (1) For those to whom all nonmaterial depreciation has not been paid, 100% of the net estimated nonmaterial depreciation withheld plus 5% interest, from the date of the last actual cash value payment to April 19, 2022. (2) For those to whom all nonmaterial depreciation was withheld but later paid, 5% interest on the nonmaterial depreciation that was withheld to the date it was paid.
Total Settlement Amount: UnknownClass Representative Proposed Incentive Fee:
Erik Peterson Law Offices, PSC
Whetstone Legal, LLC
Case Name: Stevener, et al. v. Erie Insurance, et al.,
Settlement Website: Erie Insurance Nonmaterial Depreciation Ohio Settlement Website
Rust Consulting, Inc.
c/o Rust Consulting,Inc. – 7641
PO Box 2599
Faribault, MN 55021-9599