HOUSE CONCURRENT RESOLUTION NO. 94
(By Delegate Kominar, Moore, Barker, Perry,
Ashley, Carmichael, Schoen, and Walters)
Requesting the Joint Committee on Government and Finance to study
the impact state law and court decisions have on insurance
company practices and policies which set premiums for older
buildings and the impact these laws, decisions, practices and
policies have on the cost of rehabilitation of older
buildings.
Whereas, Many older buildings in West Virginia are left in
disrepair when they could be purchased and rehabilitated for
economic development; and
Whereas, Because of the cost of insuring older buildings,
investors are reluctant to purchase older buildings for renovation
which would generally be less expensive than new construction and
which would improve the communities, attract other investment and
in most cases preserve historic landmarks; and
Whereas, Current law, as interpreted by the courts, requires
insurers to include the cost of replacement of a structure in their
policies making the cost of premiums exorbitant for owners of older
structures; and
Whereas, The Joint Committee on Government and Finance should
determine why insurance companies are insuring older buildings over and above their fair market value and whether current coverages on
older buildings are excessive considering their unimproved value
therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance study the
impact state law and court decisions have on insurance company
practices and policies which set premiums for older buildings and
the impact these laws, decisions, practices and policies have on
the cost of rehabilitation of older buildings; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the Legislature, 2008, its findings, conclusions
and recommendations, together with drafts of any legislation
necessary to effectuate its recommendations; and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft legislation be paid from
legislative appropriations to the Joint Committee on Government and
Finance.
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