§ 45-47-1. Lien on insurance proceeds. There is created a lien in favor of any taking jurisdiction in this state on the proceeds of any insurance policy based upon a claim made for damage or loss to a building or other structure caused by or arising out of any fire or explosion. The lien arises […]
§ 45-47-10. Insurance commissioner — Regulations. The insurance commissioner is authorized to issue regulations that are necessary or desirable to implement this chapter, including, but not limited, to the name, address, and telephone number of a designated official for each taxing jurisdiction from whom certifications may be obtained. History of Section.P.L. 1982, ch. 251, § […]
§ 45-47-2. Certificate required for payment of claim. (a) No insurance company shall pay any claim for more than ten thousand dollars ($10,000), as may be adjusted yearly for inflation by the insurance department, for damages arising out of a claim under an insurance policy caused by fire or explosion, without having first obtained from […]
§ 45-47-3. Placement of proceeds in escrow account. Upon certification by the designated taxing jurisdiction official that a lien has arisen, or upon the failure of the insured to obtain a certificate within thirty (30) days of the filing of the insured’s proof of loss, the loss proceeds of the policy equal to the amount […]
§ 45-47-4. Inclusion of provision in policies. All policies issued in this state after January 1, 1983, shall include a provision containing a summary of this chapter, the provision to be approved by the insurance commissioner prior to its inclusion in any policy in the state. By entering into a contract of insurance with this […]
§ 45-47-5. Certification in lieu of payment. Any taxing authority is authorized to certify that, in lieu of payment of all or part of the lien arising under this chapter, it has obtained satisfactory proof that the insured has or will repair or rebuild at the situs of the loss. This certification should be deemed […]
§ 45-47-6. Applicability of chapter. This chapter applies to claims arising on all property, including residential, commercial, or industrial buildings or structures, regardless of the occupancy status at the time of the fire or explosion loss; provided, that this chapter does not apply to owner-occupied one-to four-family dwellings. History of Section.P.L. 1982, ch. 251, § […]
§ 45-47-7. Parties to insurance contract. This chapter does not make any taxing jurisdiction a party to any insurance contract, nor is the insurer liable to any party for any amount in excess of the proceeds otherwise payable under its insurance policy. History of Section.P.L. 1982, ch. 251, § 1.
§ 45-47-8. Priority of lien. Any lien arising under this chapter is superior to all liens, and interest, of any other party, including any insured owner, mortgagee, or assignee except mortgagees and assignees of bona fide mortgages. A bona fide mortgage is one granted for full and adequate value and consideration. History of Section.P.L. 1982, […]
§ 45-47-9. Immunity from liability. Insurers complying with this chapter, or attempting in good faith to comply with this chapter, are immune from civil and criminal liability, including withholding payment of any insurance proceeds pursuant to this chapter or releasing or disclosing any information pursuant to this chapter. History of Section.P.L. 1982, ch. 251, § […]
