Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 340. Rules Governing Standards for the Content of Fire Insurance or Fire Insurance in Combination with Other Coverages
1/29/2020

14VAC5-340-20. Standards for Content of Policies.

Notwithstanding other statutory requirements, all fire or fire combination policies filed with the Commission must contain, as a minimum, the content of the coverages, terms and conditions contained in this chapter (14VAC5-340-10 et seq.). It is acceptable to provide broader and more favorable coverages, terms and conditions in the policy than the minimum standards of content provided for in this chapter. Also, the format and language may be other than that which is shown in this chapter, provided that the content remains as set forth herein.

As respects market value policies, no limited policy form shall be approved which does not prominently display an appropriate title which reflects the limitation in policy coverage. Acceptable titles are those which indicate the coverage limitation in a simple and objective manner such as "Limited Homeowners" or "Market Value Homeowners." Titles which fail to convey the coverage limitation, such as "Specialized Homeowners" or "Customized Homeowners," are not acceptable. The approved name shall be used everywhere the title appears on the policy form. The policy jacket shall display a notification to the policyholder of the restrictions found in the market value policy.

The policy filing shall include an eligibility standard which provides that the market value policy will not be used to insure any property which qualifies for an amount of insurance equal to 80% or more of the structure's full replacement cost under a conventional homeowner policy except at the choice of the insured. This replacement may be satisfied by use of an eligibility standard restricting sale of the market value policy to properties which would only qualify for coverage limits of less than 80% of full replacement cost.

All policy filings shall specifically note all provisions which are broader than the standards contained herein. In addition, for each policy filed, the company will specify the appropriate minimum standards section below (14VAC5-340-40 through 14VAC5-340-120) on which the form filing is based.

Statutory Authority

§§ 38.2-223 and 38.2-2108 of the Code of Virginia.

Historical Notes

Derived from Regulation 17, Case No. INS800067, § 3, eff. February 1, 1982.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.