CT HB05516

Repeals and replaces Section 38a-308 regarding standard fire insurance policy requirements, effective October 1, 2016.

Allows nonadmitted insurers issuing commercial property fire insurance policies to define "depreciation" differently than the standard form set forth in Section 38a-307.

Replaces the term "surplus lines" with "nonadmitted" insurer throughout the statute regarding fire insurance policy requirements.

Permits policies combining fire coverage with substantial other peril coverage to deviate from standard form requirements if they provide equivalent fire coverage and include specific standard provisions on mortgagee interests, definitions, loss payment timing, and lawsuit commencement deadlines.

Exempts automobile, aircraft physical damage, and inland marine insurance policies from these standard fire insurance policy requirements.