Notwithstanding any other provision of law: (1) No policy of hazard insurance issued or delivered to cover a mobile home risk situate in South Carolina may be written to provide for a policy period in excess of three years.(2) Every such policy, and the manual of rules and rates of every insurer issuing such policies in this State, shall provide that all premiums held by the insurer in respect to that part of the policy term subsequent to the anniversary date of the then current policy year are considered unearned and must be refunded in full if the policy is cancelled, without respect to whether cancellation is effected by the insured or insurer.Any contract to purchase a mobile home shall on its face: (1) clearly include the provisions of Section 38-75-210; and (2) clearly inform the purchaser that it is a violation of the law of this State for the seller of a mobile home or for any person lending money upon the security thereof to require or to attempt to require that hazard insurance be purchased from any particular insurer or agent and shall include the address of the office of the Department of the Insurance with instructions to report any violation or attempted violation to his office. Before November 1, 1994, the South Carolina Wind and Hail Underwriting Association must file with the department for approval additional policy forms defining the terms of and providing coverage for actual loss of business income, additional living expense, and fair rental value loss.HISTORY: Former 1976 Code Section 38-41-30 [1975 (59) 157] recodified as Section 38-75-230 by 1987 Act No. (2) "Association" means the South Carolina Wind and Hail Underwriting Association established pursuant to the provisions of this article. 78, Section 10, eff June 11, 2007, applicable to taxable years beginning after December 31, 2006. 78, Section 10, eff June 11, 2007, applicable to taxable years beginning after December 31, 2006.In case of partial loss the insured is entitled to recover the actual amount of loss but in no event more than the amount of insurance stated in the contract.
HISTORY: Former 1976 Code Section 38-43-160 [1948 (45) 1961; 1952 Code Section 37-665; 1962 Code Section 37-665; 1978 Act No. Maximum amounts of fire insurance policies; stated values; contributions by coinsurers.If returned to the mortgagee the unearned premium must be applied to any payment then due or to the next payment or payments to become due.No agreement may be made requiring or permitting the mortgagee to apply the returned premiums to the final payment or payments on the indebtedness. Restrictions on amount of insurance that may be written.(3) "Plan of operation" means the plan of operation of the association approved or promulgated by the department pursuant to the provisions of this article. Editor's Note Under the provisions of Chapter 34, Title 1, an agency is required to adopt the latest edition of a nationally recognized code which it is charged by statute or regulation with enforcing by giving notice in the State Register. The purpose of this article is to assure an adequate market for wind and hail insurance in the coastal areas of this State. South Carolina Wind and Hail Underwriting Association created; members.
(4) "Insurable property" means immovable property at fixed locations in coastal areas of the State as that term is defined, or tangible personal property located in it, which property is determined by the association to be in an insurable condition as determined by reasonable underwriting standards, but not to include farm or manufacturing property, or motor vehicles which are eligible to be licensed for highway use. HISTORY: Former 1976 Code Section 38-39-20 [1962 Code Section 37-771; 1971 (57) 744] recodified as Section 38-75-320 by 1987 Act No. (A) There is created the South Carolina Wind and Hail Underwriting Association, an unincorporated association whose responsibilities, liability, and regulations are governed and defined by this article.HISTORY: Former 1976 Code Section 38-9-220 [1947 (45) 322; 1952 Code Section 37-157; 1962 Code Section 37-157] recodified as Section 38-75-40 by 1987 Act No. Clause limiting or invalidating policies if property is encumbered is void.