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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

previous next Effective - 28 Aug 1939bottom

  379.150.  Partial loss — option with insured. — Whenever there is a partial destruction or damage to property covered by insurance, it shall be the duty of the party writing the policies to pay the assured a sum of money equal to the damage done to the property, or repair the same to the extent of such damage, not exceeding the amount written in the policy, so that said property shall be in as good condition as before the fire, at the option of the insured.

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(RSMo 1939 § 5932)

Prior revisions: 1929 § 5821; 1919 § 6231; 1909 § 7022

(1961) In the event insureds elect to have fire insurer repair property under statuory option, policy becomes in effect a building contract imposed by law, and insurer's failure to complete such repairs renders it liable for damages that may be in exces of policy amount.  Samulels v. Illinois Fire Insurance Company, 354 S.W.2d 352 (Mo.App.).

(1963) This statute giving insured, in case of partial destruction of a vehicle, the option of repairing it or claiming an amount equal to the damages done prevails over provisions in policy requiring insured to accept the value of the loss or cost of repair, whichever is the lesser. Boren v. Fidelity & Casualty Co. of New York (A.), 370 S.W.2d 706.

(2002) Section does not prohibit insurer from withholding depreciation from valid replacement cost claim.  Dollard v. Depositors Insurance Company, 96 S.W.3d 885 (Mo.App.W.D.).


---- end of effective   28 Aug 1939 ----

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