Colorado § 10-4-512 Nonduplication of recovery

Colorado Statutes

§ 10-4-512 — Nonduplication of recovery

Colorado·Title 10 Insurance·Art. Property and Casualty Insurance

(1)Any person having a claim against an insurer under any provision in any insurance policy that is also a covered claim shall exhaust first the person's right under such policy. Any amount payable on a covered claim under this part 5 is reduced by the amount recoverable under such insurance policy.

(2)Any person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured; except that, if it is a first-party claim for damage to property with a permanent location, recovery shall be sought from the association of the location of the property, and, if it is a workers' compensation claim, recovery shall be sought from the association of the residenc

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(1) Any person having a claim against
an insurer under any provision in any insurance policy that is also a covered claim
shall exhaust first the person's right under such policy. Any amount payable on a
covered claim under this part 5 is reduced by the amount recoverable under such
insurance policy.

(2) Any person having a claim which may be recovered under more than one
insurance guaranty association or its equivalent shall seek recovery first from the
association of the place of residence of the insured; except that, if it is a first-party
claim for damage to property with a permanent location, recovery shall be sought
from the association of the location of the property, and, if it is a workers'
compensation claim, recovery shall be sought from the association of the residence
of the claimant. A claimant or first-party insured who has received a recovery from
any other guaranty association or its equivalent in an amount equal to or greater
than the recovery allowed under this part 5 shall not be eligible to receive any
recovery from the Colorado insurance guaranty association. In addition, any
recovery under this part 5 shall be reduced by the amount of the recovery from any
other insurance guaranty association or its equivalent.

Colorado § 10-4-512 (Nonduplication of recovery) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 71: p. 761, � 1. C.R.S. 1963: � 72-34-12. L. 89: (2) amended, p. 454, � 2, effective April 17. L. 90: (2) amended, p. 559, � 19, effective July 1. L. 99: (2) amended, p. 88, � 6, effective August 4. L. 2011: (1) amended, (HB 11-1041), ch. 14, p. 40, � 3, effective August 10.