What is the current state of the law on the value of a fire insurance company’s insured property?
Saskatchewan, Canada
The following excerpt is from Ziola v. Co-operative Fire and Casualty Company, 1976 CanLII 943 (SK QB):
In Davis v. Nationale Fire Insur. Co., Paris, France, [1947] O.W.N. 783 at 784, 14 I.L.R. 159, in finding “the value” of 20-year-old buildings, Gale J. (as he then was) stated that “there was no evidence adduced as to the market value of the property involved in the fire, and it seems to me I am left with no alternative but to regard the cost of reinstatement as the only available measure of indemnity . . . less reasonable depreciation”.
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