diminution in value

diminution in value

n. in the event of a breach of contract, the decrease in value of property due to the failure to construct something exactly as specified in the contract.

References in periodicals archive ?
"Historically, a 'diminution in value' claim for the difference in the vehicle's value, pre and post-accident, may have hovered at around 3-4% of the vehicle's pre-accident value," she explained, "but in the last 12 months we've seen claimants alleging their vehicle has dropped in value by 10-15% as a result of the accident.
-- State Farm had waived the limitation provision by accepting liability on the Longs' claim and making payments on it without any mention of, or adjustment for, diminished value in an attempt to "run[] out the clock on its insureds by purposefully concealing its legal and contractual duty to assess for diminution in value."
This involved a fairly new Mercedes, and the judge decided the diminution in value was worth 15% of the normal retail value of the car.
He can make what is called diminution in value claim through the courts to recover the amount lost in the value of his car.
According to the Court of Appeals of Texas, diminution in value or stigma damages may be allowed where an appraiser familiar with such properties testifies that flooded homes generally suffer diminished market value.
Obviously, up to the face amount of the policy, he should be reimbursed for the loss he suffered in reliance on the policy, and that includes the diminution in value of the property as it then exists, in this case with improvements.
Allgood had filed a class-action lawsuit against Meridian Security Insurance Co., claiming breach of contract and seeking damages for failure to pay the full cost of the diminution in value of her vehicle.
'Surveyors are now being encouraged to disclose details of their claim to the other party early on in the process and to take account of the principle of diminution in value which in many circumstances caps the value of the landlord's claim.'
Since these restrictions by their terms lapse, any diminution in value of the stock that this restriction causes on sale cannot be considered in assessing the stock's FMV at exercise.
One study on the effect of landfill contamination on nearby residential property values showed that the diminution in value to the neighboring residential land was directly correlated with the extent and degree of publicity.
1388, styled as the "Just Compensation Act of 1993," would require federal agencies to compensate property owners "for any diminution in value" caused by any regulatory action taken under environmental laws, including, right at the top, the Endangered Species Act.
Lucas did not decide, nor has any court yet decided the fate of the majority or property owners who lose only a portion of their properties or sustain merely a diminution in value due to regulatory action.