§ 27-5.1-2-34 — Notice of premium plus assessment policy; civil actions; limitation

Indiana § 27-5.1-2-34

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 5.1: FARM MUTUAL INSURANCE COMPANIES

Text

(a) A premium plus assessment insurance
policy must expressly and prominently state on the face page of the
insurance policy that the insurance policy is a premium plus
assessment insurance policy.
(b) A suit or action for a loss under a premium plus assessment
insurance policy may not be commenced until:
(1) the loss is due in accordance with the premium plus
assessment insurance policy; or
(2) not less than sixty (60) days after proof of loss was given to
the farm mutual insurance company that issued the premium plus
assessment insurance policy.
(c) Requirements that a policyholder must meet to sustain a legal
cause of action under this section must be disclosed clearly and
prominently on the face page of the premium plus assessment
insurance policy.
(d) Notwithstanding IC 34-11-2-11, the statute of limitations for a
claim on a premium plus assessment insurance policy under this
section is two (2) years after the date of the loss.

Legislative History

As added by P.L.129-2003, SEC.8.