CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 3329Introduced by Assembly Member DalyFebruary 21, 2020 An act to amend Section 2058 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 3329, as introduced, Daly. Fire insurance.Existing law generally regulates classes of insurance, including fire insurance. Existing law defines the measure of indemnity for a loss under a fire insurance policy and requires that an insured covered by a valued policy receive the replacement value or the face amount, whichever is less, if the loss is not rebuilt or replaced.This bill would instead require that an insured covered by a valued policy receive the replacement value or the face amount, whichever is more, if the loss is not rebuilt or replaced.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 2058 of the Insurance Code is amended to read:2058. (a) Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. more. As used in this section, valued policy has the meaning set forth in Section 412.This(b) This section applies only to valued policies issued or renewed on and after July 1, 1992.
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 3329Introduced by Assembly Member DalyFebruary 21, 2020 An act to amend Section 2058 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 3329, as introduced, Daly. Fire insurance.Existing law generally regulates classes of insurance, including fire insurance. Existing law defines the measure of indemnity for a loss under a fire insurance policy and requires that an insured covered by a valued policy receive the replacement value or the face amount, whichever is less, if the loss is not rebuilt or replaced.This bill would instead require that an insured covered by a valued policy receive the replacement value or the face amount, whichever is more, if the loss is not rebuilt or replaced.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION
Assembly Bill
No. 3329
Introduced by Assembly Member DalyFebruary 21, 2020
Introduced by Assembly Member Daly
February 21, 2020
An act to amend Section 2058 of the Insurance Code, relating to insurance.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 3329, as introduced, Daly. Fire insurance.
Existing law generally regulates classes of insurance, including fire insurance. Existing law defines the measure of indemnity for a loss under a fire insurance policy and requires that an insured covered by a valued policy receive the replacement value or the face amount, whichever is less, if the loss is not rebuilt or replaced.This bill would instead require that an insured covered by a valued policy receive the replacement value or the face amount, whichever is more, if the loss is not rebuilt or replaced.
Existing law generally regulates classes of insurance, including fire insurance. Existing law defines the measure of indemnity for a loss under a fire insurance policy and requires that an insured covered by a valued policy receive the replacement value or the face amount, whichever is less, if the loss is not rebuilt or replaced.
This bill would instead require that an insured covered by a valued policy receive the replacement value or the face amount, whichever is more, if the loss is not rebuilt or replaced.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 2058 of the Insurance Code is amended to read:2058. (a) Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. more. As used in this section, valued policy has the meaning set forth in Section 412.This(b) This section applies only to valued policies issued or renewed on and after July 1, 1992.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 2058 of the Insurance Code is amended to read:2058. (a) Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. more. As used in this section, valued policy has the meaning set forth in Section 412.This(b) This section applies only to valued policies issued or renewed on and after July 1, 1992.
SECTION 1. Section 2058 of the Insurance Code is amended to read:
### SECTION 1.
2058. (a) Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. more. As used in this section, valued policy has the meaning set forth in Section 412.This(b) This section applies only to valued policies issued or renewed on and after July 1, 1992.
2058. (a) Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. more. As used in this section, valued policy has the meaning set forth in Section 412.This(b) This section applies only to valued policies issued or renewed on and after July 1, 1992.
2058. (a) Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. more. As used in this section, valued policy has the meaning set forth in Section 412.This(b) This section applies only to valued policies issued or renewed on and after July 1, 1992.
2058. (a) Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. more. As used in this section, valued policy has the meaning set forth in Section 412.
This
(b) This section applies only to valued policies issued or renewed on and after July 1, 1992.