Insurance industry counsel warns proposed auto-value changes risk double recovery and need precise drafting
Michael Farley of the Ohio Insurance Institute testified in opposition to Senate Bill 131’s initial form, urging careful drafting to avoid double recovery for vehicle owners and insurers and pointing to legal precedents that limit recovery to cost of repairs or market value difference.
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At the committee’s third hearing on Senate Bill 131, Michael Farley, vice president and general counsel for the Ohio Insurance Institute, delivered testimony raising concerns about the bill’s approach to vehicle diminution-in-value claims.
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