Topic: Measure of Damages by Keith Pic, NDIRF CEO
The presentation explains how physical damage is calculated under North Dakota law when a member is negligent. It reviews relevant case law, discusses practical challenges in determining damages for both auto and property liability claims, and addresses situations where no market exists for the damaged item. It emphasizes the importance of depreciation and market value in preventing overcompensation and outlines two methods such as straight-line depreciation and market value diminution to ensure fair settlements.
