No insurer or agency licensed to do business in this State may issue any policy or contract of insurance covering property in this State which contains any clause or provision requiring the insured to take or maintain a larger amount of insurance than that expressed in the policy or in any way provides that the insured is liable as a coinsurer with the insurer issuing the policy for any part of the loss or damage to the property described in the policy. Any such clause or provision is void. However, such a clause or provision may be used if there is stamped on the filing face of the policy or printed in bold type at the top of the clause the words "coinsurance clause". If there is a difference in the rate for insurance with and without the coinsurance clause, the rates for each must be furnished the insured upon request.
HISTORY: Former 1976 Code Section 38-9-220 [1947 (45) 322; 1952 Code Section 37-157; 1962 Code Section 37-157] recodified as Section 38-75-40 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Chapter 75 - Property, Casualty, And Title Insurance Generally
Section 38-75-40. Validity of additional or coinsurance clause.
Section 38-75-50. Clause limiting or invalidating policies if property is encumbered is void.
Section 38-75-60. Cause of action by insurer against tenant.
Section 38-75-220. Restrictions on amount of insurance that may be written.
Section 38-75-230. Information required on contracts for purchase of mobile homes.
Section 38-75-310. Definitions.
Section 38-75-320. Declaration of purpose.
Section 38-75-330. South Carolina Wind and Hail Underwriting Association created; members.
Section 38-75-340. Plan of operation.
Section 38-75-350. Application for coverage; issuance of policy.
Section 38-75-360. Powers of Association.
Section 38-75-370. Duties of members of Association; limitation on liability.
Section 38-75-380. Liability for inspections and statements concerning risk.
Section 38-75-385. Liability for acts or omissions under this article.
Section 38-75-386. Essential property insurance; liability for acts and omissions.
Section 38-75-390. Cession of essential property insurance to Association.
Section 38-75-410. Appeals; hearings upon appeal.
Section 38-75-420. Reports of inspection by Association.
Section 38-75-440. Examination into affairs of Association.
Section 38-75-450. Regulations.
Section 38-75-470. Appointment of advisory committee; duties; membership.
Section 38-75-480. Loss mitigation grant program; establishment; purpose.
Section 38-75-485. South Carolina Hurricane Damage Mitigation Program; grant eligibility and use.
Section 38-75-710. Scope of article.
Section 38-75-720. Definitions.
Section 38-75-740. Restrictions on nonrenewal of policies.
Section 38-75-750. Requirements for renewal of policies.
Section 38-75-755. Notification to applicants or renewing policyholders.
Section 38-75-760. Unlawful practices involving cancellation, nonrenewal, or renewal of policies.
Section 38-75-770. Notice requirements for eligible surplus lines insurers.
Section 38-75-775. Coverage of licensed health care providers.
Section 38-75-790. Nonrenewal of homeowners insurance.
Section 38-75-905. Definitions.
Section 38-75-910. Limitation of risk on title insurance.
Section 38-75-920. Title insurers to maintain reinsurance reserve.
Section 38-75-930. Insolvency of domestic title insurer.
Section 38-75-940. Loss and loss expense reserves.
Section 38-75-950. Obtaining reinsurance.
Section 38-75-960. Financial interest in title insurer or agent.
Section 38-75-970. Premium rates.
Section 38-75-980. Filing of premium rate schedules.
Section 38-75-1000. Restrictions on amount of commission.
Section 38-75-1120. Report on coastal insurance issues.
Section 38-75-1130. Scope of article.
Section 38-75-1150. Separate premium for fire and allied lines coverage.
Section 38-75-1160. Notice requirement prior to cancellation or refusal to renew; exceptions.
Section 38-75-1180. Notice of reasons for cancellation or nonrenewal.
Section 38-75-1190. Immunity from liability absent malice or gross negligence.
Section 38-75-1200. Notice regarding cancellation in application for original issuance of policy.
Section 38-75-1230. Wind and hail exclusions on fire, allied lines, or homeowner's policy.
Section 38-75-1240. Provision to director of underwriting restrictions.