Delaware § 4103 Definitions

Delaware Statutes

§ 4103 — Definitions

Delaware·Title 18·Part Insurance·Ch. 41 PROPERTY INSURANCE CONTRACTS·Subch. Basic Property Protection Plan

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

(1)“Basic property insurance” means insurance against direct loss to any property caused by perils as defined and limited in the standard fire policy and extended coverage endorsement as filed with the Commissioner.

(2)“Commissioner” means the Insurance Commissioner of the State of Delaware.

(3)“Inspection bureau” means any organization designated by the Commissioner to make inspections to determine the insurability and conditions of the properties where basic property insurance is sought.

(4)“Premiums written” means gross direct premiums charged on all policies of basic property insurance and the basic property insurance premium components of all multiperil policies, less return premiums, dividends paid or credited

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

(1) “Basic property insurance” means insurance against direct loss to any property caused by perils as defined and limited in the standard fire policy and extended coverage endorsement as filed with the Commissioner.

(2) “Commissioner” means the Insurance Commissioner of the State of Delaware.

(3) “Inspection bureau” means any organization designated by the Commissioner to make inspections to determine the insurability and conditions of the properties where basic property insurance is sought.

(4) “Premiums written” means gross direct premiums charged on all policies of basic property insurance and the basic property insurance premium components of all multiperil policies, less return premiums, dividends paid or credited to policyholders and the unabsorbed portion of premium deposits.

(5) “Qualified property” means all real and tangible personal property at fixed locations, whether or not subject to exposure from an external hazard located on property not owned or controlled by the prospective insured, and whether or not subject to exposure from riot hazard which:

a. Complies with applicable state laws and regulations and local building codes and ordinances; and

b. Is not commonly owned or controlled, or combinable for rating purposes, with property insured for similar coverages elsewhere; and

c. Has characteristics of ownership, condition or occupancy which do not violate public policy.

d. For purposes of homeowners and insurance and fire protection insurance, no policy shall exclude a dwelling unit or personal property within the dwelling unit from coverage as being unoccupied if:

1. The unit is regularly maintained;

2. Utility services are available and in use; and

3. The unit remains furnished as a dwelling unit,

provided, however, that this protection shall not apply if the dwelling unit remains unoccupied beyond a period of 60 consecutive days.

e. The Commissioner shall require the insurer to notify the insured of the 60-day exception contained in paragraph (5)d. of this section.

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