Signed by Governor Tina Kotek

Vote Smart's Synopsis:

Vote to concur with senate amendments and pass a bill that requires that Insurance companies pay out at least 70% of claims involving major natural disaster without requiring a specific inventory of lost property

Highlights:

• Requires an insurer to always provide forms in case a policy owner wants to make a claim (Sec. 1). 

• Requires a policy owner to provide proof of loss within 90 days after receiving a form (Sec. 1). 

• Defines major disaster (Sec. 1). 

• Specifies that in the case of a total loss of property due to damages caused by a defined major disaster that the insurer must do the following (Sec. 1): 

• Offer the insured a minimum of 70 percent coverage for lost property without the need for a full inventory; 

• Notify the insured that this does not change their benefits and that they may even get more benefits by submitting a full inventory;

• Disclose information about how the insurer determines the depreciated value of the contents of the insured property;

• Pay for any covet costs associated with removal of debris and detritus. 

• Specifies that for incidents where the insured submits a full inventory with an amount that exceeds the amount the insurer offered the insurer shall do the following (Sec. 1): 

• Request any info the insurer requires; 

• Pay within 30 days of receiving the inventory.

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that requires that Insurance companies pay out at least 70% of claims involving major natural disaster without requiring a specific inventory of lost property

Highlights:

• Requires an insurer to always provide forms in case a policy owner wants to make a claim (Sec. 1). 

• Requires a policy owner to provide proof of loss within 90 days after receiving a form (Sec. 1). 

• Defines major disaster (Sec. 1). 

• Specifies that in the case of a total loss of property due to damages caused by a defined major disaster that the insurer must do the following (Sec. 1): 

• Offer the insured a minimum of 70 percent coverage for lost property without the need for a full inventory; 

• Notify the insured that this does not change their benefits and that they may even get more benefits by submitting a full inventory;

• Disclose information about how the insurer determines the depreciated value of the contents of the insured property;

• Pay for any covet costs associated with removal of debris and detritus. 

• Specifies that for incidents where the insured submits a full inventory with an amount that exceeds the amount the insurer offered the insurer shall do the following (Sec. 1): 

• Request any info the insurer requires; 

• Pay within 30 days of receiving the inventory.

Full Bill Text