Vermont Statutes Title 8 Sec. 3619
Terms Used In Vermont Statutes Title 8 Sec. 3619
- Association: means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title. See
- Covered: means that an insurer owns or can immediately acquire, through the exercise of options, warrants, or conversion rights already owned, the underlying interest in order to fulfill or secure its obligations under a call option, cap, or floor it has written or has set aside under a custodial or escrow agreement cash or cash equivalents with a market value equal to the amount required to fulfill its obligations under a put option it has written, in an income generation transaction. See
- Covered claim: means an unpaid claim, including a claim for unearned premiums:
- Insolvent insurer: means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:
- Person: means any individual, corporation, partnership, association, or voluntary organization. See
§ 3619. Nonduplication of recovery
(a) Any person having a claim against an insurer under any provision in an insurance policy other than policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his or her right under such policy. Any amount payable on a covered claim under this subchapter shall be reduced by the amount of any recovery under such insurance policy.
(b) Any person having a claim which may be recovered from more than one insurance guaranty association or its equivalent shall seek recovery first from the Association of the place of residence of the insured except that if it is a first party claim for damage to property with a permanent location, he or she shall seek recovery first from the association of the location of the property, and if it is a workers’ compensation claim, he or she shall seek recovery first from the association of the residence of the claimant. Any recovery under this subchapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent. (Added 1969, No. 279 (Adj. Sess.), § 11; amended 1979, No. 18, § 16; 1981, No. 165 (Adj. Sess.), § 1.)