The market value side of the equation was no less controversial. Mount Vernon retained Lauer, Jersa & Associates, who valued the building at $900,000. Chippewa Loft submitted a report from the Greater St. Louis Appraisal, which appraised the entire property at $2,925,000 – but with an appraisal date of April 2022, nearly six months after the fire. The policy requires market value at the time of loss. Chippewa Lofts also pointed to a listing brochure and pre-loss sales contract, both at $2.955 million. The court found that neither of the endorsements complied because both included the value of the land and reflected the value of the damaged building, not the damaged structure, excluding the land.
Missouri federal court sides with insurer after property owner ignored appraisal rules & more related News Here
