Elberon Bathing Co., Inc. v. Ambassador Insurance Co., Inc.

The opinion of the court was delivered by

Conford, P. J. A. D.

(temporarily assigned). The principal question on this appeal concerns the valuation methods to be used in ascertaining the “actual cash value” of a partial loss under the Standard Eorm Eire Insurance Policy, N. J. S. A. 17:36-5.15 et seq. We- are also required to determine whether failure to apply the appropriate standard is sufficient cause to set aside an appraisal award. The appeal arises in the context of a judgment in the Law Division in favor of the insured plaintiffs in the amount of $52,000 for excess coverage based on a…