Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 153 - Regulation 107-Homeowner and Fire/Commercial Insurance Policy Disclosure Forms › Section XIII-15313 - Appendices

Current through Register Vol. 50, No. 6, June 20, 2024
A. Appendix A
Important Information Required by the Louisiana Department of
				  Insurance
Fire Insurance Policy Coverage Disclosure Summary (other than
				  Homeowners)
Or Commercial Insurance Policy Coverage Disclosure Summary
				  This form is promulgated pursuant to La.
				  R.S.
				  22:1319
THIS IS ONLY A SUMMARY OF YOUR COVERAGE AND DOES NOT AMEND,
				  EXTEND, OR ALTER THE COVERAGES OR ANY OTHER PROVISIONS CONTAINED IN YOUR
				  POLICY. INSURANCE IS A CONTRACT. THE LANGUAGE IN YOUR POLICY CONTROLS YOUR
				  LEGAL RIGHTS AND OBLIGATIONS.
**READ YOUR INSURANCE POLICY FOR COMPLETE POLICY TERMS AND
				  CONDITIONS**
COVERAGE(S) FOR WHICH PREMIUM WAS PAID (La.
				  R.S.
				  22:1319(B)(1))
[INSERT PROPERTY COVERAGES]
Deductibles (La.
				  R.S.
				  22:1319(B)(3))
This policy sets forth certain deductibles that will be
				  applied to claims for damages. When applicable, a deductible will be subtracted
				  from your total claim and you will be paid the balance subject to applicable
				  coverage limits.
You may be able to reduce your premium by increasing your
				  deductible. Contact your producer (agent) or insurer for details.
NOTICE: This policy [does/does not] set forth a separate
				  deductible for covered losses caused by [hurricane; wind; named storm] as
				  defined in the policy.
Separate Deductible Examples-Hurricane, Wind or Named Storm
				  Damage.
If applicable, the following illustrates how a separate
				  deductible applying to hurricane, wind or named storm damage is applied under
				  your policy:
The insurer shall comply with La.
				  R.S.
				  22:1319 B(3) by selecting either option A or
				  B below:
A. Developing its own
				standardized example to reflect how a hurricane, wind, or named storm damage
				loss will be adjusted under the policy. The standardized example shall set
				forth a separate loss for each coverage included in the policy for which a
				premium has been paid. The total of all losses combined shall exceed by at
				least ten percent (10%) the applicable deductible(s) so that the example
				demonstrates a net payment to the insured.
B. Utilizing the standardized example
				prepared by the LDI if this standardized example properly reflects how a
				separate deductible is applied to a hurricane, wind, or named storm damage loss
				under the policy:
The following assumes no co-insurance penalty and a 2%
				  hurricane, wind, or named storm deductible. The amounts of loss to the damaged
				  property are $50,000 (building) and $20,000 (business personal
				  property).
Limits of insurance on
							 building..................
$ 100,000
Total amount of building
							 loss.........................
$ 50,000
Less 2% deductible ($100,000 X .02)
							 ......................
$ 2,000
Net payment to insured for building
							 loss..................
$ 48,000
Limits of insurance on the business personal
							 property.........................
$ 50,000
Total amount of business personal property
							 loss.........................
$ 20,000
Less 2% deductible ($50,000 X .02)
							 .........................
$ 1,000
Net payment to insured for business personal property
							 loss.........................
$ 19,000
Total net payment to insured for building and
							 business personal property loss ($48,000 +
							 $19,000).........................
$ 67,000
TO SEE EXACTLY HOW YOUR SEPARATE HURRICANE, WIND OR NAMED
				  STORM DEDUCTIBLE WILL APPLY, PLEASE REFER TO YOUR POLICY.
Limitations or Exclusions under this Policy (La.
				  R.S.
				  22:1319(B)(2))
FLOOD-Flood damage [is/is not] covered, regardless of how
				  caused, when flood is the peril that causes the loss. Flood water includes, but
				  is not limited to, storm surge, waves, tidal water, overflow of a body of
				  water, whether driven by wind or not.
Flood Insurance may be available through the National Flood
				  Insurance Program (NFIP). NFIP flood insurance may provide coverage for damage
				  to your dwelling or building and/or contents subject to the coverage limits and
				  terms of the policy.
Excess Flood Insurance may be available under a separate
				  policy, from this or another insurer, if the amount of the primary flood
				  insurance is not enough to cover the value of your property.
You may contact your producer (agent) or insurer for more
				  information on the NFIP and excess flood insurance.
MOLD-Damage caused solely by mold [is/is not] covered under
				  this policy.
**FOR ALL OTHER LIMITATIONS OR EXCLUSIONS REFER TO YOUR
				  POLICY FOR COMPLETE DETAILS ON TERMS AND PROVISIONS**