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Holloway v. State Farm Fire & Cas. Co.

Insured was entitled to prejudgment interest on his theft claim because he sought the predetermined value of stolen rugs.

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At the outset, we note that although the facts in this case seem to raise a number of other issues, the sole issue submitted for our consideration on appeal is whether State Farm is obligated to pay prejudgment interest on a loss claim.

When several of Bob Holloway’s oriental rugs sustained water damage and others were stolen, he submitted claims to his insurer, State Farm Fire & Casualty Company. State Farm would not pay for the losses, so Holloway sued. After a trial before a special master, Holloway was awarded damages for his losses but was denied prejudgment interest. Because damages for Holloway’s water damage claim were not liquidated, the trial court did not err in denying an award of prejudgment interest on that claim. However, inasmuch as Holloway’s theft claim was for liquidated damages, and a party is entitled to prejudgment interest where damages are liquidated, the trial court erred in not awarding prejudgment interest on that claim. Thus, we affirm in part, reverse in part, and remand for issuance of an award for prejudgment interest on the theft claim.

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