H. B. 2808

(By Delegates Collins and Thomas)
[Introduced January 14, 1998; referred to the
Committee on Banking and Insurance.]

A BILL to amend article seventeen, chapter thirty-three of the

code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section thirteen, relating to insurance demolition proceeds.

Be it enacted by the Legislature of West Virginia:
That article seventeen, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section thirteen, to read as follows:

ARTICLE 17. FIRE AND MARINE INSURANCE.

§33-17-13. Demolition proceeds; escrow designated.
All insurers issuing policies providing fire insurance on real property situated in West Virginia, shall in case of total loss by fire or otherwise as stated in the policy, place in an established escrow account the total dollar amount of the demolition proceeds not to exceed the amount of insurance upon such loss.

NOTE: The purpose of this bill is to require that insurance demolition proceeds be placed in escrow upon proof of loss.

This section is new; therefore, strike-throughs and underscoring have been omitted.