Ala. Admin. Code r. 482-1-009-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-009-.02 - Indemnity Limits

The face amount of the insurance provided by an industrial fire policy covering buildings and other structures or contents under the same ownership shall not exceed $7,500 for a weekly policy. For a monthly industrial fire policy, the maximum face amount covering a building or dwelling is $40,000 and for contents $20,000. This provision shall not prohibit a company from making application to write amounts of insurance in excess of $7,500 on a weekly mode equal to those on a monthly mode if such rating plan is approved by this Department. No insurer shall issue both a weekly and a monthly industrial fire policy covering the same subject of insurance.

Author: John Davis, Associate Counsel

New Rule: August 1, 1957; effective August 1, 1957. Amended: December 31, 1971; effective January 10, 1972. Amended: February 18, 1977. Amended: February 18, 1977; effective February 28, 1977. Amended: March 10, 1982; effective May 1, 1982. Amended: December 4, 1985; effective December 16, 1985. Amended: January 16, 2003; effective January 26, 2003. Filed with LRS January 16, 2003. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-22-2.