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Maryland insurance commissioner backs bill to stop insurers depreciating labor on ACV claims
Summary
Maryland Insurance Commissioner Marie Grant told the House Judiciary Committee HB283 would bar insurers from applying depreciation to labor when calculating actual cash value on first‑party property claims and require 45‑day renewal notices when coverage is reduced. Industry witnesses urged amendments citing rate and fiscal concerns.
Maryland Insurance Commissioner Marie Grant urged the House Judiciary Committee to give HB283 a favorable report, saying the bill would protect homeowners and businesses from what her office calls an unfair practice of depreciating labor on first‑party property claims.
Grant told the panel the bill does two things: it would prohibit insurers from treating the expense of labor as depreciable when adjusting claims based on actual cash value, and it would require insurers to notify policyholders at least 45 days before a renewal if coverage will be reduced or…
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