Valued Policy Law

Valued Policy Law

Any law requiring an insurer to pay the full amount of an insurance policy in the event of a claim of loss. This requirement exists even if the value of the claim is less than the full value of the policy.
References in periodicals archive ?
Replacement cost value (RCV) is paid in full if the property is destroyed, in keeping with Florida's Valued Policy Law.
The Landrys sued, claiming that a 108-year-old state statute--the valued policy law (VPL)--requires insurers to pay the face value of a homeowners' insurance policy when an insured home is completely destroyed.
Another particularly important state statute, in the context of hurricane losses, is the Louisiana Valued Policy Law.
The judge found against underwriters that the valued policy law made wind insurers liable for policy limits in a constructive total loss, even when it was caused in part by uncovered perils.
In short, it is precisely the simplicity of the now amended valued policy law that militated against the position taken by the Fourth District Court of Appeal in Meirzwa v.
Under Louisiana's valued policy law, an insurer must pay the full value of the loss, without deduction or offset, if a valuation was placed on the property and such valuation was used to calculate the premiums, McKenzie said, citing the statute.
4th DCA 2004 the bill provides legislative intent that the valued policy law is not intended to create new or additional coverage, or to require an insurer to pay for a loss caused by a peril other than the covered peril.
water damage, builder's risk, catastrophe fraud, condominium losses, valued policy law, Florida property insurance law updates, commercial losses, and more.
It is my opinion that numerous issues that are raised by the author, John Garaffa, appear to be aimed at distorting Florida's valued policy law to the disadvantage of policyholders.
Garaffa, did an excellent job in reviewing Florida's valued policy law and the pertinent cases regarding that law.
water damage, builder's risk, catastrophe fraud, cause and origin of water damage, condominium losses, valued policy law, mold, commercial losses, and more.
In the midst of this examination is Florida's valued policy law.