SB 619 - This act modifies Missouri's valued policy law statute. Under current law, Section 379.140 applies to loss or damage by fire. In the event of a total loss, the insurer must pay the total amount of the policy less the depreciation of the property between the time of the issuance of the policy and the loss. In a partial loss, the insurer must pay the comparable percentage of the total value as the damaged part bears to the whole property. This act modifies this statute so that applies to loss or damage by any peril covered under the terms of the policy, not just fire.
This act is identical to HB 1124 (2012).