605.03 Coverage to be provided.
605.03
605.03 Coverage to be provided.605.03(1)
(1) General.605.03(1)(a)
(a) Mandatory coverage. The property fund shall provide protection against fire and extended coverage perils. The coverage shall be at least as favorable as that customarily provided by policies filed with the commissioner for the use of private insurers in insuring comparable property.605.03(1)(b)
(b) Optional coverage. The fund may also provide additional protection against other named perils or may provide protection on an all-risk basis, on such terms as the manager prescribes.605.03(1)(c)
(c) Valuation basis. The fund may provide coverage on any appropriate valuation basis including actual cash value and replacement cost, and may cover loss from the lack of use of or reduction in the income from property caused by perils insured against.605.03(1)(d)
(d) Term of policy. The manager may prescribe the time periods for which coverage is to be provided.605.03(1)(e)
(e) Documents. The manager shall prepare policies and supplementary documents for the use of the fund in providing the coverage under pars. (a) and (b), but no such documents may be used by the fund if the commissioner would not approve them for the use of private insurers.605.03(2)
(2) Coinsurance. The manager may prescribe by rule the percentages of value or cost for which coverage may be provided.605.03(3)
(3) Deductibles. The manager may prescribe by rule that small losses in any one occurrence shall not be paid.605.03 - ANNOT.
History: 1973 c. 117; 2007 a. 168.