Free Estimate

Myron Walker vs American National Insurance Company

by Diminished Value Car Appraiser on March 8, 2015

Paragraph 10 of the Walker Settlement Order and Final Judgment, entered July 14, 2004 states:Court-Case-Atlanta

“The Defendant Class Members listed in Appendix I shall continue the use of the 17(c) formula, or certain variations thereon that have been approved by the Court, as provided In the exemplars of Appendix III, in their assessment of diminished value in physical damage losses reported by these insurer’s policyholders subsequent to June 30,2003 under Georgia policies of insurance, unless a change in Georgia law or regulation permits a discontinuance of that practice or the claim is pursuant to a policy accepted by the Georgia Insurance Commissioner and in compliance with Georgia law that excludes or limits the scope of diminished value coverage. However, the Court does not endorse any particular methodology. Rather, the Court finds that these formulas, applied appropriately and uniformly, would provide a basis of the negotiation of the diminished value loss. These insurers cannot be found to have acted in bad faith by virtue of using the formula to assess diminished value claims. In the event any Georgia policyholder reports a loss or makes a property damage claim after June 30,2003 and asserts that the insurer’s use of the formula constitutes bad faith pursuant to O.C.GA §33-4-7, that insurer shall present a copy of this Order to the policyholder and/or to the appropriate court, if applicable. If such presentation does not end or resolve the dispute regarding bad faith, that insurer may apply to and, in the appropriate circumstances, this Court shall issue a show cause order to the policyholder so as to effectuate the terms and conditions of this Settlement. Neither Plaintiffs’ counsel nor Plaintiff Class Members shall challenge in the future the insurer’s use of the formula, to assess claims for diminished value and offer diminished value payment to Georgia policyholders, though with respect to claims reported after June 30, 2003, individual insureds are not required to accept the determination achieved by an insurer in using the formula and are not prohibited from disputing the amount resulting from the insurer’s use of the formula in connection with their individual future claims.”

 

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