District of Columbia § 31-5002 Definitions.

District of Columbia Statutes

§ 31-5002 — Definitions.

District of Columbia·Title 31 Insurance and Securities.·Ch. 50 Insurance Placement.

As used in this chapter, unless the context otherwise requires:

(1)The term “Mayor” means the Mayor of the District of Columbia or his designated agent.

(2)The term “basic property insurance” means insurance against direct loss to property caused by perils as defined and limited in the standard fire policy and extended coverage endorsement thereon, as approved by the Commissioner.

(3)The term “environmental hazard” means any hazardous condition that might give rise to loss under an insurance contract, but which is beyond the control of the property owner. (3A) The term “homeowner’s insurance” means insurance for residential property that provides a combination of coverages, including fire, extended coverage, vandalism and malicious mischief, burglary, theft, and personal liability.

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As used in this chapter, unless the context otherwise requires:

(1) The term “Mayor” means the Mayor of the District of Columbia or his designated agent.

(2) The term “basic property insurance” means insurance against direct loss to property caused by perils as defined and limited in the standard fire policy and extended coverage endorsement thereon, as approved by the Commissioner.

(3) The term “environmental hazard” means any hazardous condition that might give rise to loss under an insurance contract, but which is beyond the control of the property owner.

(3A) The term “homeowner’s insurance” means insurance for residential property that provides a combination of coverages, including fire, extended coverage, vandalism and malicious mischief, burglary, theft, and personal liability. The term shall include a policy of insurance which is limited to basic market value, repair cost, or actual cash value contracts for owner-occupants of one-to-four-family dwellings as approved by the Commissioner.

(4) The term “inspection bureau” means any rating bureau or other organization designated by the Mayor to perform inspections to determine the condition of the properties for which basic property insurance or homeowner’s insurance is sought.

(5) The terms “Industry Placement Facility” and “Facility” mean the facility consisting of all insurers licensed to write and engaged in writing basic property insurance or homeowner’s insurance (including homeowners and commercial multiperil policies) within the District of Columbia to assist agents, brokers, and applicants in securing basic property insurance or homeowner’s insurance.

(6) The term “premiums written” means gross direct premiums charged with respect to property in the District of Columbia on all policies of basic property insurance and the basic property insurance premium components of all multiperil policies, less all premiums and dividends returned, paid, or credited to policyholders or the unused or unabsorbed portions of premiums deposits.

(7) The term “property owner” means any person having an insurable interest in real, personal, or mixed real and personal property.

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