Indiana Code 27-2-15-4.3. Application of chapter
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Sec. 4.3. (a) This chapter applies to damage to or loss of a building or structure caused by fire or explosion only if all of the following are true:
(2) The fire or explosion occurs on or after the effective date specified by the department for the municipality under section 4.4(b) of this chapter.
(1) The municipality in which the building or structure is located is included on the list maintained by the department under section 4.4(b) of this chapter.
Terms Used In Indiana Code 27-2-15-4.3
- available insurance proceeds: means the proceeds payable under an insurance policy based upon a claim for damage to or loss of a building or other structure caused by fire or explosion, minus proceeds paid to:
Indiana Code 27-2-15-1
- department: refers to the department of insurance created by IC 27-1-1-1. See Indiana Code 27-2-15-2.5
- final settlement: means a determination:
Indiana Code 27-2-15-3.2
- Fraud: Intentional deception resulting in injury to another.
- insurer: means a fire and marine insurance company, as defined in IC 27-1-2-3(u). See Indiana Code 27-2-15-4
- municipality: has the meaning set forth in IC 36-1-2-11. See Indiana Code 27-2-15-4.2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(3) The amount of the final settlement concerning the damage or loss exceeds seventy-five percent (75%) of available insurance proceeds.
(4) If the insurer, in good faith, withheld payment under an insurance policy due to:
(A) suspected arson;
(B) suspected fraud; or
(C) another question concerning coverage;
the reason for withholding payment has been resolved and final settlement concerning the damage or loss has occurred.
As added by P.L.238-2013, SEC.5.