Sec. 862.053. FIRE INSURANCE: TOTAL LOSS OF REAL PROPERTY. (a) A fire insurance policy, in case of a total loss by fire of property insured, shall be held and considered to be a liquidated demand against the company for the full amount of such policy. This subsection does not apply to personal property.
(b) An insurance company shall incorporate verbatim the provisions of Subsection (a) in each fire insurance policy issued as coverage on real property in this state.
(c) The commissioner shall require compliance with this section.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.220, eff. Sept. 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle D - Casualty Companies
Chapter 862 - Fire and Marine Insurance Companies
Subchapter B. Insurance Coverage Provided by Fire and Marine Insurance Companies
Section 862.051. Kinds of Insurance Authorized
Section 862.052. Prohibitions Relating to Life Insurance and Life Insurance Companies
Section 862.053. Fire Insurance: Total Loss of Real Property
Section 862.054. Fire Insurance: Breach by Insured; Personal Property Coverage
Section 862.055. Fire Insurance: Interest of Mortgagee or Trustee