§ 518C.10 — Nonduplication of recovery

Iowa § 518C.10

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 518C: COUNTY AND STATE MUTUAL INSURANCE GUARANTY ASSOCIATION

Text

1. A person having a claim under another policy, which claim arises out of the same facts
which give rise to a covered claim, is first required to exhaust the person’s rights under the
otherpolicy. Anamountrecoveredorrecoverablebyapersonunderanotherinsurancepolicy
shall be credited against the liability of the association under section 518C.6, subsection 1,
paragraph “a”. For purposes of this section, “another insurance policy” means a policy issued
§518C.10, COUNTY AND STATE MUTUAL INSURANCE GUARANTY ASSOCIATION 6
by an insurance company, whether a member insurer or not, which policy insures against
any of the types of risks insured by an insurance company authorized to transact insurance
business under chapter 518 or 518A, or comparable statutes of another state, except those
types of risks set forth in chapters 508 and 514.
2. A person having a claim which may be recovered under more than one insurance
guaranty association or an equivalent entity shall seek recovery first from the association of
the place of residence of the insured. However, if the claim is a first-party claim for damage
to property with a permanent location, recovery shall be first sought from the association
or equivalent entity of the state in which the property is permanently located. An amount
recovered from any other guaranty association or equivalent entity shall be subtracted from
the maximum liability of the Iowa county and state mutual insurance guaranty association
under section 518C.6, subsection 1, paragraph “a”.