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GA SB137
Bill
Status
Passed
4/26/2016
Primary Sponsor
Marty Harbin
Click for details
AI Summary
- Amends Code Section 33-32-5 to expand eligibility for the conclusive property valuation rule in fire insurance policies from only natural persons to also include legal entities wholly owned by a natural person or persons
- When a specifically described one- or two-family residential building in Georgia is wholly destroyed by fire without fraud or criminal fault by the insured, the insurance policy amount is taken conclusively as the property's value, minus any depreciation since the policy date
- If a fire loss occurs within 30 days of the original effective date of the policy, the insured receives only the actual loss sustained, not exceeding the insured sum
- The conclusive valuation rule does not apply when the building is only partially destroyed, when undisclosed duplicate policies exist, when multiple structures are covered under a blanket policy, or when a builders' risk policy is involved
Legislative Description
Property Insurance; expand the ownership restriction; value of the property covered against loss by fire
Last Action
Effective Date
7/1/2016
Full Bill Text
No bill text available