SB 154 – Modifies Missouri's valued policy statute to cover all perils covered under a policy rather than just loss caused by fire

• Sponsor: Richard
• LR Number: 0960S.01I
• Committee: Small Business, Insurance and Industry
• Last Action: 4/2/2013 - Voted Do Pass S Small Business, Insurance and Industry Committee
• Effective Date: August 28, 2013

Current Bill Summary

SB 154 - This act modifies Missouri's valued policy law statute. Under current law, Section 379.140 applies to loss or damage by fire. In the event of a total loss, the insurer must pay the total amount of the policy less the depreciation of the property between the time of the issuance of the policy and the loss. In a partial loss, the insurer must pay the comparable percentage of the total value as the damaged part bears to the whole property. This act modifies this statute so that applies to loss or damage by any peril covered under the terms of the policy, not just fire.

This act is identical to SB 916 (2012) and HB 1124 (2012).

STEPHEN WITTE