South Carolina § 38-75-30 Maximum amounts of fire insurance policies; exceptions for manufacturing property and replacement riders.

South Carolina Statutes

§ 38-75-30 — Maximum amounts of fire insurance policies; exceptions for manufacturing property and replacement riders.

South Carolina·Title 38 INSURANCE·Ch. 75 PROPERTY, CASUALTY, AND TITLE INSURANCE GENERALLY

Notwithstanding Section 38-75-20, insurers may, at the request of owners of property used principally for manufacturing purposes, including places of residence for occupancy by employees, issue policies wholly exempt from Section 38-75-20. Riders or endorsements may, in consideration of an adequate premium or premium deposit, be attached to policies insuring property, indemnifying the insured for the difference between the actual value stated in the policy and the amount actually expended to repair, rebuild, or replace with new materials of like size, kind, and quality the insured property that has been damaged or destroyed by fire or other perils insured against.

Free access — add to your briefcase to read the full text and ask questions with AI

Notwithstanding Section 38-75-20, insurers may, at the request of owners of property used principally for manufacturing purposes, including places of residence for occupancy by employees, issue policies wholly exempt from Section 38-75-20. Riders or endorsements may, in consideration of an adequate premium or premium deposit, be attached to policies insuring property, indemnifying the insured for the difference between the actual value stated in the policy and the amount actually expended to repair, rebuild, or replace with new materials of like size, kind, and quality the insured property that has been damaged or destroyed by fire or other perils insured against.

South Carolina § 38-75-30 (Maximum amounts of fire insurance policies; exceptions for manufacturing property and replacement riders.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: Former 1976 Code SECTION 38-9-200 [1947 (45) 322; 1948 (45) 1734; 1952 Code SECTION 37-155; 1962 Code SECTION 37-155] recodified as SECTION 38-75-30 by 1987 Act No. 155, SECTION 1.