If you received a Notice, then you were identified as someone who is likely to be member of the Class. The Class includes: All policyholders under any Commercial or Personal Lines property insurance policy issued by the Insurance Companies, who made a Structural Loss claim for property located in the State of Illinois during the applicable Class Periods, that resulted in an ACV Payment from which Nonmaterial Depreciation was withheld, or that would have resulted in an ACV 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 Illinois while covered by any Personal Lines or Commercial Lines insurance policy issued by the Insurance Companies.
"Covered Loss" means a first party insurance claim for Structural Loss, as defined below, that (a) occurred during the Class Period, and (b) resulted in an ACV Payment by the Insurance Companies, or would have resulted in an ACV Payment but for the deduction of Nonmaterial Depreciation.
"Nonmaterial Depreciation" means 63% of Depreciation.
"Depreciation" means the total estimated amount subtracted by Pekin or Farmers from replacement cost value to calculate actual cash value in making a ACV Payment. Nonmaterial Depreciation and material depreciation are components of Depreciation.
The Class Period means the following time-period:
For Illinois policyholders of Pekin Insurance Company or The Farmers Automobile Insurance Association, with Structural Loss claims with dates of loss occurred on or after September 10, 2018, and who provided notice of loss to Pekin on or before July 30, 2020