SB 619 - Richard, Ron
Modifies Missouri's valued policy statute to cover all perils covered under a policy rather than just loss caused by fire
Bill Details
Sponsor
LR Number
5035S.01I
Title
SB 619
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2012
Committee
Current Status
Hearing Conducted S Small Business, Insurance and Industry Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
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).
STEPHEN WITTE