Senate Bill No. 576
(By Senator Helmick)
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[Introduced February 18, 1999;
referred to the Committee on the Judiciary.]
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A BILL to amend and reenact section nine, article seventeen,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
total or partial fire loss insurance.
Be it enacted by the Legislature of West Virginia:
That section nine, article seventeen, chapter thirty-three
of the code of West Virginia, one thousand nine hundred thirty- one, as amended, be amended and reenacted, to read as follows:
ARTICLE 17. FIRE AND MARINE INSURANCE.
§33-17-9. Total or partial fire loss.
All insurers issuing policies providing fire insurance on
real property situate in West Virginia,
shall be are liable, in
case of total loss by fire or otherwise, as stated in the policy,
for the whole amount of insurance stated in the policy, upon
such
the real property; and in case of partial loss by fire or otherwise, as aforesaid, of the real property insured, the
liability
shall be is for the total amount of
such the partial
loss, not to exceed the whole amount of insurance upon
such the
real property as stated in the policy. This section
shall does
not apply where
such the insurance has been procured from two or
more insurers covering the same interest in
such the real
property.
This section does not apply to builder's risk policies of
insurance covering property in the process of being constructed.
The value of the property insured will be the actual value of the
property at the time of the loss.
NOTE: The purpose of this bill is to limit the liability of
an insurer on a builder's risk policy.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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