Environmental Valuation & Cost-Benefit News
Compensation for property damages measured by loss in property value, not cost of restoring the property
11/25/07
11:27:41 pm, by damageva 
, 104 words, 178 views 
Categories: Contaminated Properties, Legal, Fines, Academic Study/Journal Article, Oil/Gasoline/Benzene, South, Contamination Cost
Compensation for property damages measured by loss in property value, not cost of restoring the property
Abstract: In 2002, one of the oil pipelines owned by Merit Energy Co leaked onto the Patricia and Michael Poffenbargers' land. In 2003, the Poffenbargers sued Merit, seeking compensatory damages of $2,608,740, the cost of repairing their property. The Supreme Court of Alabama found that this loss should be addressed by consequential or punitive damages. The court held that the proper measure of direct, compensatory damages for the oil spill on the land was the diminution in the fair market value of the property caused by the contamination.
by Alan M Weinberger
The Appraisal Journal http://www.appraisalinstitute.org/ecom/publications/default.asp
Volume 75, Issue 4; Fall, 2007; Pages 309-310
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