§ 19-210. Premium discounts for improvements made to mitigate storm loss
West's Annotated Code of MarylandInsuranceEffective: July 1, 2019
Effective: July 1, 2019
MD Code, Insurance, § 19-210
§ 19-210. Premium discounts for improvements made to mitigate storm loss
(a) An insurer shall offer at least one actuarially justified premium discount on a policy of homeowner's insurance to a policyholder who submits proof of improvements made to the insured premises as a means of mitigating loss from a hurricane or other storm.
(b) Means of mitigating loss include:
(c) Improvements made to the insured premises under this section shall be inspected by a contractor licensed by the Maryland Department of Labor.
(d)(1) An insurer shall be allowed to inspect the improvements that are the basis of a premium discount under this section.
(e) A premium discount offered under this section shall:
(f)(1) An insurer that offers a premium discount under this section shall provide a policyholder with an annual statement regarding the availability of the discount and the method of applying for the discount.
(g) The notice required by this section may be delivered by electronic means if the insurer complies with the requirements of § 27-601.2 of this article.
Credits
Added by Acts 2008, c. 540, § 1, eff. Oct. 1, 2008. Amended by Acts 2017, c. 123, § 1, eff. Oct. 1, 2017; Acts 2017, c. 124, § 1, eff. Oct. 1, 2017; Acts 2019, c. 91, § 7.
MD Code, Insurance, § 19-210, MD INSURANCE § 19-210
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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