H. B. 2026
(By Delegate Collins)
[Introduced January 13, 1999; referred to the
Committee on Banking and Insurance then the Judiciary.]
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
the 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.