HB362 Alabama 2014 Session

Summary

Primary Sponsor

Rod Scott

Democrat

Session

Regular Session 2014

Title

Insurance, Risk Manager and Finance Director to develop program to reconstruct certain destroyed buildings with materials superior to original, Sec. 41-15-4 am'd.

Description

This bill would require the risk manager, with the approval of the Finance Director, to develop a program of coverage under the State Insurance Fund to provide, within reasonable limitations and using gap coverage and gap plus coverage, proceeds sufficient to allow a K-12 public school building that has been rendered a total loss as a result of covered peril to be reconstructed with materials superior to its original construction and in an increased size if appropriate based upon current construction standards and occupancy.

This bill would define gap coverage and gap plus coverage.

This bill would also require the risk manager to draft rules, guidelines, limitations, and coverage endorsements under which the program will operate, and to assess an acturarially sound premium.

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Subjects

Insurance Department