Loading chat...
MO HB1124
Bill
Status
Introduced
1/4/2012
Primary Sponsor
Paul Wieland
Click for details
AI Summary
- Repeals and replaces section 379.140, RSMo, regarding insurance payments for covered losses or damage
- Expands insurance coverage language from "fire" to "any peril covered under the terms of the policy"
- Prohibits insurers from denying that insured property was worth the full amount insured at the time of policy issuance
- For total loss claims, sets damages equal to the insured amount minus any depreciation that occurred between policy issuance and loss, with the burden of proof on the insurer
- For partial loss claims, measures damages as the proportion of total insured value that the damaged or destroyed portion represents
Legislative Description
Requires an insurer to pay a claimant for the total face value amount of an insurance policy for any total loss or damage by any peril of covered property without claiming a diminished value of the property
Last Action
Public Hearing Completed (H)
2/27/2012
Committee Referrals
Insurance Policy2/7/2012
Full Bill Text
No bill text available