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Ohio Insurance Claims Nonmaterial Depreciation Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

This settlement resolves a class action against four insurance companies: Liberty Insurance Corporation, Safeco Insurance Company of Indiana, LM Insurance Corporation, and Liberty Mutual Fire Insurance Company. The complaint alleged the companies improperly deducted depreciation on nonmaterial costs like labor when adjusting claims.

Docket Number:

3:19-cv-00026

Company: Liberty Insurance Corporation

Filing Deadline: July 2, 2021

Class Period: January 28, 2018

Objection Deadline: April 16, 2021

Exclusion Deadline: April 16, 2021

Final Approval Hearing: May 18, 2021

Proof of Purchase:

Presumably company records will be used for verification.

Eligibility:

You may be eligible if

- You are a policyholder for a homeowner’s residential property insurance policy issued by Liberty Insurance Corporation, Safeco Insurance Company of Indiana, LM Insurance Corporation, or Liberty Mutual Fire Insurance Company
- Who made a claim for structural damage for property in Ohio, which was a covered loss, during one of the applicable class periods,
- Where the claim resulted in an actual cash value payment during the class period from which nonmaterial depreciation was withheld, or the claim would have resulted in an actual cash value payment except that the withholding of nonmaterial depreciation caused the loss to drop below the deductible.
- The class periods are (1) for Ohio holders of policies from Liberty Insurance Corporation, claims with dates of loss on or after January 28, 2018; and(2) for Ohio holders of policies from Safeco Insurance Company of Indiana, LM Insurance Corporation, or Liberty Mutual Fire Insurance Company, claims with dates of loss on or after January 3, 2019.

Excluded from the class are (1) policyholders whose claims arose under policy forms, endorsements, or riders that permit the deduction of nonmaterial depreciation, by express use of the words “depreciation” and “labor,” (2) policyholders who received one or more actual cash value payments that exhausted the limits of the insurance, (3) policyholders whose claims were denied or abandoned without actual cash value payments, (4) the insurance companies and their officers and directors, (5) members of the judiciary to whom this case is assigned and their staff and their immediate families, and (6) class counsel and their immediate families.

Typical Settlement Amount:

Benefits relating to the unpaid nonmaterial depreciation: (1) If all nonmaterial depreciation has not been paid, 100% of the estimated nonmaterial depreciation amount plus 5% interest dating from the last actual cash value payment to the date of preliminary approval of this settlement. (2) If all nonmaterial depreciation was withheld but paid later, 5% interest on the estimated nonmaterial depreciation that was initially withheld, from the last actual cash value payment from which it was withheld to the date all of it was paid.

Total Settlement Amount: Unknown

Class Representative Proposed Incentive Fee:

$7,500

Law Firms:
Mehr Fairbanks & Peterson Trial Lawyers PLLC
Whetstone Legal, LLC

Claim Form: Ohio Insurance Claims Nonmaterial Depreciation Settlement Claim Form

Case Name: Schulte, et al. v. Liberty Insurance Corporation, et al.

Settlement Website: Ohio Insurance Claims Nonmaterial Depreciation Settlement Website

Claims Administrator:
JND Legal Administration

Claims Administrator Contact Information:

Ohio Depreciation Settlement
c/o JND Legal Administration
P.O. Box 91096
Seattle, WA 98111
1-888-906-0586
info@ohiodepreciationsettlement.com

Tags: Depreciation of Labor Costs, Homeowners Insurance, Incomplete payment of benefits due, Insurance