Minnesota Statutes 65A.09 – Insurance in Excess of Replacement Cost
Current as of: 2023 | Check for updates
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Subdivision 1.Insurance limited.
No company shall knowingly issue any policy upon property in this state for an amount which, together with any existing insurance thereon, exceeds the replacement cost of the buildings and any other covered improvements on the property. Any company willfully insuring property for more than that amount shall forfeit to the state, for the benefit of the school fund, double the premium collected on the policy.
Subd. 2.Lenders; excess insurance.
Terms Used In Minnesota Statutes 65A.09
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 65A.09
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
No mortgage company, bank, savings association, finance company, or other mortgage lender of any kind may require insurance coverage in violation of section 72A.31, subdivision 1, clause (4). Any lender that willfully violates this subdivision is subject to penalties available under chapter 45.