Indiana Code 27-2-15-3.2. “Final settlement”
Current as of: 2023 | Check for updates
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Sec. 3.2. (a) As used in this chapter, “final settlement” means a determination:
(A) under the building coverage part of an insurance policy issued by an insurer; and
(1) of the amount owed to an insured:
Terms Used In Indiana Code 27-2-15-3.2
- insurer: means a fire and marine insurance company, as defined in IC 27-1-2-3(u). See Indiana Code 27-2-15-4
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(B) for damage to or loss of a building or other structure caused by fire or explosion; and
(2) made by any of the following means:
(A) Acceptance of a proof of loss by the insurer.
(B) Execution of a release by the named insured.
(C) Acceptance of an arbitration award by the named insured and the insurer.
(D) Judgment of a court of competent jurisdiction.
(b) The term “final settlement” does not apply to damage or loss related to contents, personal property, or another loss that is not covered under the building coverage part of an insurance policy.
As added by P.L.238-2013, SEC.3.