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.
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
This Judgment does not release and determine: (i) claims arising after the Effective Date; (ii) claims for valuation or payment of a Covered Loss under any property insurance policies issued by Defendants not related to the withholding of payment for Nonmaterial Depreciation; and (iii) Class Members’ rights and obligations under the Agreement.
If the underlying claim satisfies (i), (ii), and (iii) in Section 7.6.1 above, but does not satisfy (iv), then the Claim Settlement Payment shall be the depreciation determined by Xactimate that was not paid, multiplied by the ratio of Nonmaterial Depreciation to all Depreciation determined by Xactimate, plus interest of 5%.
Without admitting any liability or wrongdoing, Defendants agree to the terms of this Agreement, provided that Final Judgment approving the Settlement is entered and all Released Claims are settled, compromised, and released, in order to resolve all issues relating to Nonmaterial Depreciation that were asserted, or that could have been asserted, in the Action.
ACV Payment” is calculated by estimating the replacement cost value of the covered damage for a Structural Loss claim and subtracting the estimated Depreciation, including Nonmaterial Depreciation, and any applicable deductible.
Covered Loss” means a first party insurance claim for Structural Loss that: (a) occurred during the Class Periods, and (b) resulted in an ACV Payment by State Auto, or that would have resulted in an ACV Payment, but for the withholding of Nonmaterial Depreciation causing the loss to drop below the applicable deductible.
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, 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 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, 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 Xxxxxxxx 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 Xxxxxxxx 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.
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