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1996 SESSION
SB 361 Fire insurance policies; replacement with equivalent property.
Introduced by: Thomas K. Norment, Jr. | all patrons ... notes | add to my profiles
SUMMARY:
Fire insurance policies; repair or replacement with functionally equivalent property. Authorizes insurers underwriting fire insurance to offer, as an option, coverage limited to the amount necessary to repair or replace damaged property with functionally equivalent property. Such replacement or repair would be at a lower cost than that required to repair or replace the damaged property with material of like kind and quality. These policies may also permit, at the option of the insured, settlement based on the market value of the damaged property at the time of loss. Current law requires insured property to be repaired or replaced (in the event of a loss) with material of like kind and quality; settlements are based on actual cash value. The bill retains these provisions while authorizing the optional coverage described above. It also requires notice to purchasers of such coverage that under functional replacement cost coverage, claims may be settled for less than the actual cash value of the property insured.
FULL TEXT
- 01/22/96 Senate: Presented & ordered printed 961753722 pdf
- 02/07/96 Senate: Printed as engrossed 961753722-E pdf
- 03/07/96 Senate: Bill text as passed Senate and House (SB361ER) pdf
- 04/04/96 Governor: Acts of Assembly Chapter text (CHAP0373) pdf
AMENDMENTS
HISTORY
- 01/22/96 Senate: Presented & ordered printed 961753722
- 01/22/96 Senate: Referred to Committee on Commerce and Labor
- 02/05/96 Senate: Reported from C. & L. with amendment (13-Y 1-N)
- 02/06/96 Senate: Const. reading disp.(38-Y 0-N), passed by for the day
- 02/06/96 Senate: VOTE: CONST. READING DISPENSED (38-Y 0-N)
- 02/07/96 Senate: Read second time
- 02/07/96 Senate: Reading of amendment waived
- 02/07/96 Senate: Committee amendment agreed to
- 02/07/96 Senate: Engrossed by Senate as amended
- 02/07/96 Senate: Printed as engrossed 961753722-E
- 02/08/96 Senate: Read third time and passed Senate (39-Y 1-N)
- 02/08/96 Senate: VOTE: PASSAGE (39-Y 1-N)
- 02/08/96 Senate: Communicated to House
- 02/09/96 House: Placed on Calendar
- 02/10/96 House: Read first time
- 02/10/96 House: Referred to Committee on Corporations, Insurance and Banking
- 02/22/96 House: Reported from Corp., Ins. & Banking (22-Y 0-N)
- 02/23/96 House: Read second time
- 02/26/96 House: Read third time
- 02/26/96 House: Passed House (Block Vote) (100-Y 0-N)
- 02/26/96 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 03/07/96 Senate: Bill text as passed Senate and House (SB361ER)
- 03/15/96 Senate: Enrolled
- 03/16/96 House: Signed by Speaker
- 03/18/96 Senate: Signed by President
- 03/31/96 Governor: Approved by Governor-Chapter 373 (effective 7/1/96)
- 04/04/96 Governor: Acts of Assembly Chapter text (CHAP0373)