33-24-103. Specific valuation -- loss equal to insured value. (1) This section applies to policies, except motor vehicle insurance policies, that insure specific listed items of personal property against any loss or damage.
(2) If the insurer places specific valuations upon particular items of covered property and bases the premium charge on these valuations, then the insurer shall compute any total loss or total damage to the property, when covered, at the stated valuation with no deductions or offsets except for the selected deductible in the policy.
History: En. 40-4303 by Sec. 1, Ch. 96, L. 1974; R.C.M. 1947, 40-4303; amd. Sec. 26, Ch. 303, L. 1981; amd. Sec. 37, Ch. 469, L. 2005.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 24. Property Insurance
33-24-101. Measure of the indemnity -- rescission for fraud
33-24-102. Insuring improvements -- insurance equal to true value
33-24-103. Specific valuation -- loss equal to insured value
33-24-104. Tax lien on insured property destroyed by fire
33-24-105. Property insurance policy -- conformity with state statutes