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Current as of October 02, 2022 | Updated by FindLaw Staff
(a) The amount of compensation allowable for damaged property is the lesser of—
(1) Actual or estimated net cost of repairs necessary to restore the property to substantially the same condition which existed immediately before the damage;
(2) The difference between value of the property before and after the damage; or
(3) The replacement value.
(b) Compensation for economic loss resulting from the destruction of real or personal property may be allowed in an amount equal to the reasonable costs actually incurred for use of substitute commercial property or, if substitute commercial property was not reasonably available, in an amount equal to the net economic loss which resulted from not having use of the property. When substitute commercial property was reasonably available, but not used, allowable compensation for loss of use is limited to the cost of the substitute commercial property, or the property lost, whichever is less. Compensation for loss of use of noncommercial property is not allowable.
(c) Compensation for a claim for loss of profits or impairment of earning capacity under § 136.213(b) is limited to that allowable under § 136.235.
Cite this article: FindLaw.com - Code of Federal Regulations Title 33. Navigation and Navigable Waters § 33.136.217 Compensation allowable - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-33-navigation-and-navigable-waters/cfr-sect-33-136-217/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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