§ 27-76-3. Residential property insurance hurricane deductible application.
(a) For all deductibles as provided for in § 27-76-2, such deductible may only be applied once to all hurricane losses that are subject to the hurricane deductible during the calendar year.
(b) If an insured incurs a hurricane loss from more than one hurricane during a calendar year that are subject to the separate deductible referred to in subsection (a), the insurer may apply the deductible to the succeeding hurricane that is equal to the remaining amount of the separate deductible or the amount of the deductible that applies to all perils other than a hurricane, whichever is greater. Insurers may require policyholders to produce receipts or other records of such losses in order to apply such losses to subsequent hurricane claims.
History of Section.P.L. 2012, ch. 64, § 3; P.L. 2012, ch. 83, § 3.
Structure Rhode Island General Laws
Chapter 27-76 - Weather Related Losses
Section 27-76-1. - Applicability.
Section 27-76-2. - Hurricane deductibles, triggers and policyholder notice.
Section 27-76-3. - Residential property insurance hurricane deductible application.
Section 27-76-4. - Notice of property loss.
Section 27-76-5. - Hurricane mediation.
Section 27-76-6. - State of emergency — Effect upon insurance policies — Rules.
Section 27-76-7. - Use of prior claim experience of insured property.
Section 27-76-8. - Use of claim experience resulting from catastrophic events.