|Posted on Wednesday, June 28, 2000 - 12:01 pm: |
Arkansas Valued Policy Law
Date: 6/28/00 11:15:14 AM Eastern Daylight Time
From: Becky Harrington Becky.Harrington@mail.state.ar.us
Date: 6/28/00 9:46:56 AM
Subject: Arkansas Valued Policy Law
I have attached a link to a copy of our valued policy law. If the loss was due to fire or natural disaster other than flood or earthquake the valued policy law would apply. Please feel free to contact me if you have additional questions.
Property & Casualty Division
§ 23-88-101. Valued policy law..url
§ 23-88-101. Valued policy law.
(a) In case of a total loss by fire or natural disaster of the property insured, a property insurance policy other than for flood and earthquake insurance shall be held and considered to be a liquidated demand against the company taking the risk for the full amount stated in the policy or the full amount upon which the company charges, collects, or receives a premium.
(b) However, the provisions of this section shall not apply to personal property or detached or appurtenant structures.
History. Acts 1959, No. 148, § 446; A.S.A. 1947, § 66-3901; Acts 1999, No. 1069, § 1.
|Posted on Sunday, June 25, 2000 - 2:11 pm: |
Good to see that bureacrats are the same everywhere. Kinda makes ya all warm and fuzzy huh.....
|Posted on Friday, June 23, 2000 - 1:51 pm: |
Memo to TomoTexas:
I forwarded your question regarding Valued Policy in Arkansas to the Arkansas Department of Insurance for their answer. Please note the following response back, and I will post their further answers next week when received.
From: Carol Stiffler
To: Jim Flynt
Cc: Becky Harrington; Lenita Blasingame
Date: 6/23/00 10:59:14 AM
Subject: Email From Insurance Website
Mr. Flynt, we have received your email on Arkansas Valued Policy provisions. Both people who could best answer your question are out of the office until Monday or Tuesday.
If your question is urgent, I will be glad to try to find you an answer--but if it isn't urgent, you really would be better served to wait until they come back. Please feel free to contact me directly.
Senior Rate and Form Analyst
Arkansas Insurance Dept.
|Posted on Wednesday, June 21, 2000 - 9:49 am: |
In Mississippi the valued policy law only applies to Fire in a mobile home. That was a Supreme Court ruling in I believe 1988 in the case of Jimmy Lowery vs Foremost Insurance Co. Arkansas also limits Valued Policy to certain perils. Tom Toll would be a good source for that information. He is in the roster.
|Posted on Tuesday, June 20, 2000 - 11:03 pm: |
I do believe that the valued policy law applies to specific perils in ark. Including a term the assembly included, natural disaster,but with no defination. just be careful
|Posted on Tuesday, June 20, 2000 - 4:31 pm: |
Arkansas Valued policy state. Coverage is $100,000.00 ISO Policy ACV, estimate is $100,989.27, Building completely renovated in September 1996. Depreciation is $13,557.27. Net recommended payment for building is $ 87,432.00.
Does valued policy provisions enter into this claim. would insured be entitled to policy limits of 1K, plus additional coverages,ie,debri removal,etc.