Nonmaterial Depreciation definition

Nonmaterial Depreciation means Depreciation of labor costs, overhead and profit, or other non-labor items, and not of materials or sales tax, and that is subtracted from replacement cost value in determining an ACV Payment. Nonmaterial Depreciation includes application of “depreciate removal”, “depreciate nonmaterial”, and “depreciate O&P” settings within Xactimate estimating software.

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Nonmaterial Depreciation means Depreciation of labor costs, overhead and profit, or other non-labor items, and not of materials or sales tax, and that is subtracted from replacement cost value in determining an ACV Payment.

Nonmaterial Depreciation means Depreciation of labor costs, overhead and profit, and/or other non-material items included within Xactimate® estimating software, and specifically including Depreciation resulting from the application of either the “depreciate removal,” “depreciate non- material,” and/or “depreciate O&P” depreciation option settings.

Examples of Nonmaterial Depreciation in a sentence

• Class Members who timely submit a materially complete Claim Form shall be paid a Claim Settlement Payment equal to 80% of the estimated Nonmaterial Depreciation that was withheld from the ACV Payment on the Class Member’s Covered Loss and not subsequently paid to the Class Member by Defendants, as determined by Defendants, plus simple interest at the rate of 5% per annum on the withheld estimated Nonmaterial Depreciation, calculated from the date of the initial ACV Payment to the Effective Date.

• Claim Settlement Payments to these Claimants shall be equal to simple interest at the rate of 6% per annum on the estimated Nonmaterial Depreciation that was initially withheld from ACV Payments, from the date of each respective ACV Payment from which Nonmaterial Depreciation was withheld to the date all Nonmaterial Depreciation was paid.

• Class Members who timely submit a materially complete Claim Form shall be paid a Claim Settlement Payment equal to 100% of the estimated Nonmaterial Depreciation that was withheld from the ACV Payment on the Class Member’s Covered Loss and not subsequently paid to the Class Member by Defendants, as determined by Defendants, plus simple interest at the rate of 5% per annum on the withheld estimated Nonmaterial Depreciation, calculated from the date of the initial ACV Payment to the Effective Date.

• Claim Settlement Payments to these Claimants shall be equal to 100% of the Nonmaterial Depreciation that was withheld from the Claimant’s ACV Payment and not subsequently paid to the Class Member by Defendant, as described herein, plus simple interest on that amount at the rate of 6% per annum from the date of each respective ACV Payment to the Effective Date.

More Definitions of Nonmaterial Depreciation

Nonmaterial Depreciation means application of either the “depreciate removal,” “depreciate non-material” and/or “depreciate O&P” option settings within Xactimate® software or similar labor depreciation option settings if competing estimating software programs were used.

Nonmaterial Depreciation means application of either the “depreciate removal,” “depreciate non-material” and/or “depreciate O&P” option settings within Xactimate® software or similar depreciation option settings in competing commercial software programs.

Nonmaterial Depreciation means the actual depreciation withheld by: (1) the “Depreciate Labor” depreciation option function in PowerClaim® software, if the claims adjuster used PowerClaim® software; or (2) the “Depreciate Non-Material” or “Depreciate Removal” depreciation option functions in Xactimate® software,6 if the claims adjuster used Xactimate® software; or (3) similar depreciation option software settings, if the claims adjuster used other third-party claims estimating software. In the unlikely scenario where Defendant lacks sufficient data upon which to calculate the actual amount of labor depreciation withheld from the class

Nonmaterial Depreciation means the actual depreciation withheld by: (1) the “Depreciate Labor” depreciation option function in PowerClaim® software, if the claims adjuster used PowerClaim® software; or (2) the “Depreciate Non-Material” or “Depreciate Removal” depreciation option functions in Xactimate® software, if the claims adjuster used Xactimate® software; or (3) similar depreciation option software settings, if the claims adjuster used other third-party claims estimating software. In the unlikely scenario where Defendant lacks sufficient data upon which to calculate the actual amount of labor depreciation withheld from the class member’s prior ACV payment (e.g., there is no claims estimating data for a claim handled by Defendant’s independent adjuster because the independent adjuster no longer maintained the data file for that claim), then and only then, the parties will utilize the percentage of 51.57% of the total Depreciation as the amount of Nonmaterial Depreciation.

Nonmaterial Depreciation means the actual depreciation withheld by: (1) the “Depreciate Labor” depreciation option function in PowerClaim® software, if the claims adjuster used PowerClaim® software; or (2) the “Depreciate Non-Material” or “Depreciate Removal” depreciation option functions in Xactimate® software, if the claims adjuster used Xactimate® software; or (3) similar depreciation option software settings, if the claims adjuster used other third-party claims estimating software. In the unlikely scenario where Defendant lacks sufficient data upon which to calculate the actual amount of labor depreciation withheld from the class member’s prior ACV payment (e.g.,there is no claims estimating data for a claim handled by Defendant’s independent adjuster because the independent adjuster no longer maintained the data file for that claim), then and only then, the parties will utilize the percentage of 51.57% of the total Depreciation as the amount of Nonmaterial Depreciation.

Nonmaterial Depreciation means Depreciation of labor costs, overhead and profit, and/or other nonmaterial items included within Xactimate® estimating software, and specifically including Depreciation resulting from the application of either the “depreciate removal,” “depreciate nonmaterial,” and/or “depreciate O&P” depreciation option settings.

Nonmaterial Depreciation means depreciation of labor costs, overhead and profit, or other non- labor items, and not of materials or sales tax, and that is subtracted from replacement cost value in determining an actual cash value payment. Nonmaterial Depreciation includes application of “depreciate removal”, “depreciate nonmaterial”, and “depreciate O&P” settings within Xactimate estimating software. The Class Periods mean the following time periods: For Tennessee USAA General Indemnity Company policyholders, Structural Loss claims with dates of loss on or after May 1, 2017, but excluding claims arising under new policies or renewals issued on or after July 1, 2017. For Tennessee USAA Casualty Insurance Company policyholders, Structural Loss claims with dates of loss on or after October 28, 2017, but excluding claims arising under new policies or renewals (policy inception dates) issued on or after July 1, 2017. For Tennessee United Services Automobile Association and ▇▇▇▇▇▇▇▇ Property and Casualty Insurance Company policyholders, Structural Loss claims with dates of loss on or after January 7, 2018, but excluding claims arising under new policies or renewals (policy inception dates) issued on or after July 1, 2017. For Mississippi USAA General Indemnity Company and United Services Automobile Association policyholders, Structural Loss claims with dates of loss on or after August 21, 2016, but excluding claims arising under new policies or renewals (policy inception dates) issued on or after November 1, 2017. For Mississippi USAA Casualty Insurance Company and ▇▇▇▇▇▇▇▇ Property and Casualty Insurance Company policyholders, Structural Loss claims with dates of loss on or after January 7, 2017 but excluding claims arising under new policies or renewals (policy inception dates) issued on or after November 1, 2017.