South Carolina § 38-75-40 Validity of additional or coinsurance clause.

South Carolina Statutes

§ 38-75-40 — Validity of additional or coinsurance clause.

South Carolina § 38-75-40

Title 38INSURANCE

Ch. 75PROPERTY, CASUALTY, AND TITLE INSURANCE GENERALLY

This text of South Carolina § 38-75-40 (Validity of additional or coinsurance clause.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-75-40 (2026).

Text

No insurer or agency licensed to do business in this State may issue any policy or contract of insurance covering property in this State which contains any clause or provision requiring the insured to take or maintain a larger amount of insurance than that expressed in the policy or in any way provides that the insured is liable as a coinsurer with the insurer issuing the policy for any part of the loss or damage to the property described in the policy. Any such clause or provision is void. However, such a clause or provision may be used if there is stamped on the filing face of the policy or printed in bold type at the top of the clause the words "coinsurance clause". If there is a difference in the rate for insurance with and without the coinsurance clause, the rates for each must be fur

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No insurer or agency licensed to do business in this State may issue any policy or contract of insurance covering property in this State which contains any clause or provision requiring the insured to take or maintain a larger amount of insurance than that expressed in the policy or in any way provides that the insured is liable as a coinsurer with the insurer issuing the policy for any part of the loss or damage to the property described in the policy. Any such clause or provision is void. However, such a clause or provision may be used if there is stamped on the filing face of the policy or printed in bold type at the top of the clause the words "coinsurance clause". If there is a difference in the rate for insurance with and without the coinsurance clause, the rates for each must be furnished the insured upon request.

Legislative History

HISTORY: Former 1976 Code SECTION 38-9-220 [1947 (45) 322; 1952 Code SECTION 37-157; 1962 Code SECTION 37-157] recodified as SECTION 38-75-40 by 1987 Act No. 155, SECTION 1.