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MO HB1671
Bill
Status
1/30/2014
Primary Sponsor
Paul Wieland
Click for details
AI Summary
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Repeals and replaces section 379.140, RSMo, relating to insurance payments for covered losses or damage.
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Expands insurance liability from fire damage only to "any peril covered under the terms of the policy."
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Requires insurers in total loss cases to pay the full insured amount minus only depreciation that occurred between policy issuance and the loss, with the insurer bearing the burden of proving depreciation.
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Maintains existing law for partial loss cases, where damages equal the proportion of the whole property's value that the damaged 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
Referred: Insurance Policy(H)
2/11/2014