Section 379.825

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 2004   

  379.825.  Issuance of policy, when — appointment of liability assumed — expenses — limits on liability. — 1.  The facility, upon receipt of an application for coverage and the corresponding inspection report from the inspection bureau, shall, after it finds that the property is eligible for insurance under this program, issue a policy.

  2.  The facility shall apportion the liability so assumed to the insurers in the manner hereinafter provided in section 379.835.

  3.  Assessments upon each insurer in the program for expenses in connection with program business shall be levied and assessed by the governing committee of the facility in the manner hereinafter provided in section 379.835, subject to such minimum assessment as shall be established by the governing committee.

  4.  Subject to the insurable value thereof, the maximum limits of liability which may be placed through this program are:  on any habitational property at one location, two hundred thousand dollars; and on any commercial property at one location, one million dollars.  The facility will endeavor to assist in placement when the requested amount of insurance exceeds the maximum limit of liability available under this program.  The word "location" as used herein means real and personal property consisting of and contained in a single building or consisting of and contained in contiguous buildings under one ownership.

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(L. 1969 H.B. 772 § 379.131, A.L. 1986 S.B. 701, A.L. 2004 H.B. 1253 merged with S.B. 1299)