§ 19-704. Lead hazard coverage and exclusions
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 19-704
§ 19-704. Lead hazard coverage and exclusions
(a) This section applies only to lead hazard coverage for affected properties.
(b) This section does not affect coverage for property damage or any other form of coverage provided in a policy or insurance contract for an affected property.
(c) Notwithstanding subsection (g) of this section, whenever an authorized insurer issues or renews a policy for an affected property, the authorized insurer may include in the policy a lead hazard coverage exclusion.
(d) If a policy issued or renewed by an authorized insurer on or after February 24, 1996, for an affected property contains a lead hazard coverage exclusion, the authorized insurer shall waive the exclusion to the extent of a qualified offer made or to be made under Title 6, Subtitle 8, Part V of the Environment Article:
(e) Instead of waiving a lead hazard coverage exclusion as required by subsection (d) of this section, after receiving approval from the Commissioner, an authorized insurer may offer an alternative form of coverage for a qualified offer made or to be made under Title 6, Subtitle 8, Part V of the Environment Article.
(f) An authorized insurer may exclude lead hazard coverage for an affected property in excess of the amount of a qualified offer made or to be made under Title 6, Subtitle 8, Part V of the Environment Article.
Cancellation or nonrenewal of lead hazard coverage or reimposition of lead hazard coverage exclusion
(g)(1) An authorized insurer may cancel or nonrenew lead hazard coverage or reimpose a lead hazard coverage exclusion in a policy for an affected property only if:
(iii) Within 45 days after mailing a notice of cancellation or nonrenewal of coverage or reimposition of an exclusion under this paragraph, the authorized insurer shall send a copy of the notice to the Secretary of the Environment or a designee of the Secretary, and include the results of any inspection of the affected property.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 124, § 2, eff. Oct. 1, 1997; Acts 1997, c. 616, § 3, eff. Oct. 1, 1997.
Formerly Art. 48A, §§ 734, 735.
MD Code, Insurance, § 19-704, MD INSURANCE § 19-704
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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