Whitehouse Condo Group, LLC v. Cincinnati Insurance Company

■ OPINION

STRANCH, Circuit Judge.

This is a single-issue appeal, requiring interpretation of an insurance contract. The question is whether, in applying the agreed-upon method of calculating fire loss coverage, the term “obsolescence” in the definition of “actual cash value” accounts for external changes in market value through the concept of “economic obsolescence.” A survey of the use of the relevant terms shows that the commonly understood meaning of the word obsolescence does not include market value decline. To the extent that the term is ambiguous, Michigan law requires that we construe…