HB362 Alabama 2014 Session

Sponsors

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

<p class="bill_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</p><p class="bill_description"> This bill would define gap coverage and gap plus coverage</p><p class="bill_description"> 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</p><p class="bill_entitled_an_act"> To amend Section 41-15-4, Code of Alabama 1975, relating to the State Insurance Fund, to require the risk manager, with the approval of the Finance Director, to develop a program of gap coverage and gap plus coverage to provide, within reasonable limitations, proceeds sufficient to allow a K-12 public school building that has been rendered a total loss as a result of a 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; to define gap coverage and gap plus coverage; to require the risk manager to draft rules, guidelines, limitations, and coverage endorsements for the program; and to require the risk manager to assess an actuarially sound premium. </p>

Subjects

Insurance Department