If you received the Notice, then you have been identified as someone who is likely to be a member of the Class. The Settlement Class includes: (a) All policyholders under any Personal Lines or Commercial Lines insurance policy issued by Pekin Insurance Company, except for those excluded, who made a Structural Loss claim for property located in the State of Ohio during the applicable Class Periods, and (b) that resulted in an actual cash value payment from which Nonmaterial Depreciation was withheld, or that would have resulted in an actual cash value payment but for the withholding of Nonmaterial Depreciation causing the loss to drop below the applicable deductible.
A Structural Loss means physical damage to a home, building, manufactured home, condo, rental dwelling, or other structure in Ohio while covered by any Personal Lines or Commercial Lines insurance policy issued by the company under (a) and (b) above.
A Covered Loss means a first party insurance claim for Structural Loss that (a) occurred during the Class Periods, and (b) the Insurance Company or a court of competent jurisdiction determined to be covered under a Ohio insurance policy issued by the companies under (a) and (b) above and resulted in an ACV Payment by the Insurance Company, or would have resulted in an ACV Payment but for the deduction 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 Ohio policyholders of Pekin Insurance Company, Structural Loss claims whose first structural damage payment (or notification of claim below deductible) was issued on or after February 13, 2018 to March 19, 2020.