On May 7, 2024, the Alaska Division of Insurance (AKDOI) released Bulletin B 24-07 to admitted insurers writing property and casualty business in the state of Alaska regarding depreciation of labor.
The bulletin states that as of January 1, 2025, all new or renewing policies that include property coverage cannot include depreciation of labor in the definition of "actual cash value." Policies that include "depreciation of labor" language must be amended via endorsement.
Please see Bulletin B 24-07 for more information. For any questions regarding the bulletin, please contact Sian Ng-Ashcraft, Property and Casualty Supervisor, at sian.ng-ashcraft@alaska.gov.