Bill Text: OR SB682 | 2011 | Regular Session | Introduced

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Bill Title: Relating to insurance policies.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB682 Detail]

Download: Oregon-2011-SB682-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 3136

                         Senate Bill 682

Sponsored by Senator ATKINSON

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Requires insurer offering retail value coverage in policy for
insured item to pay retail value to insured if valid claim is
filed by insured.

                        A BILL FOR AN ACT
Relating to insurance policies.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2011 Act is added to and made
a part of the Insurance Code. + }
  SECTION 2.  { + (1) For the purposes of this section, 'retail
value' means the amount of money an insured item would cost if
sold by a willing merchant seller to a willing nonmerchant buyer
with neither being required to act and both having reasonable
knowledge of the relevant facts related to the item.
  (2) An insurer whose policy with an insured offers coverage of
an insured item for retail value must, if a valid claim is made
against the policy, pay out the retail value of the item for
which a valid claim has been made. + }
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