PURPOSE: This regulation establishes the
standard fire insurance policy for Missouri. This regulation was adopted
pursuant to the provision of sections
379.150,
379.160, and
379.840,
RSMo.
PUBLISHER'S NOTE: The secretary of state has
determined that publication of the entire text of the material that is
incorporated by reference as a portion of this rule would be unduly cumbersome
or expensive. This material as incorporated by reference in this rule shall be
maintained by the agency at its headquarters and shall be made available to the
public for inspection and copying at no more than the actual cost of
reproduction. This note applies only to the reference material. The entire text
of the rule is printed here.
(1) Policy Form Requirements.
(A) The standard fire insurance policy for
use by any insuring organization in Missouri is declared to be the 1943
"Standard Fire Insurance Policy of the State of New York," which is
incorporated herein by reference with those changes expressed in this
regulation, having been so declared for use in Missouri effective July 1, 1944,
with subsequent modification as approved in writing by the director. Any such
policy must be clearly designated the "Standard Fire Insurance Policy for
Missouri," although any other state or territory in which this form is standard
may be listed before or after the word "Missouri" in this
designation.
(B) In order to
encourage readability in insurance policy forms, the director may approve fire
insurance policy forms other than the standard fire insurance policy which
otherwise meet all requirements of law and are at least as favorable to the
insured as the standard fire insurance policy.
(2) Mandated Changes to Standard Fire Policy.
(A) These provisions shall apply to all fire
insurance policies issued or renewed pursuant to sections 375.001-375.008,
379.160, and 379.810-379.880, RSMo, after August 7, 1964.
1. That portion of the 1943 Standard Fire
Insurance Policy of New York which gives "the insured five (5) days' written
notice of cancellation" on line 62 of the policy form shall be given no effect
where contained within a policy designated as the "Standard Fire Insurance
Policy for Missouri" insuring property located in this state, except as stated
in paragraph (2) (A)2. of this regulation.
2. The language in the 1943 Standard Fire
Insurance Policy of New York contained in lines 60-67 shall be superseded with
the following language printed anywhere on this policy or amendatory
endorsement: "This policy may be canceled, not renewed, reduced in amount or
adversely modified at any time by the company by giving to the insured thirty
(30) days' written notice of such action with or without tender of the excess
of paid premium above the pro rata premium for the expired
time, which excess, if not tendered, shall be refunded on demand. Only ten (10)
days notice is required where such action is based upon non-payment of premium
or evidence of incendiarism by the insured."
3. The language in lines 141-147 of the 1943
Standard Fire Insurance Policy of New York relating to "company's options"
shall be superseded by the language quoted in section
379.150, RSMo, or by other
language that provides coverage for a partial loss caused by fire in a policy
form determined and approved by the director to be at least as favorable to the
insured as the standard fire insurance policy for Missouri.
4. The language in lines 123-140 of the 1943
Standard Fire Insurance Policy of New York relating to "appraisal" shall be
superseded by the following or equivalent language: "In case the insured and
this company shall fail to agree as to the actual cash value or the amount of
loss, then, on the written demand of either, each shall select a competent and
disinterested appraiser and notify the other of the appraiser selected within
twenty (20) days of such demand. The appraisers shall first select a competent
and disinterested umpire; and failing for fifteen (15) days to agree upon such
umpire, then, on request of the insured or this company, such umpire shall be
selected by a judge of a court of record in the state and county (or city if
the city is not within a county) in which the property covered is located. The
appraisers shall then appraise the loss, stating separately actual cash value
and loss to each item; and, failing to agree, shall submit their differences,
only, to the umpire. The umpire shall make the award within thirty (30) days
after the umpire receives the appraisers' submissions of their differences. An
award in writing, so itemized, of any two (2) when filed with this company
shall determine the amount of actual cash value and loss. Each appraiser shall
be paid by the party selecting such appraiser and the expenses of appraisal and
umpire shall be paid by the parties equally."
(B) The language required in section (2) must
be printed upon any insurance policies filed for use in Missouri after July 1,
1999. All policy forms filed prior to July 1, 1999, may be amended by
endorsement not later than January 1, 2000, to comply with this
regulation.
(3)
Cancellation.
(A) Any notice of cancellation,
nonrenewal, reduction in amount, or adverse modification issued on or after
July 1, 2024, must state the following:
1.
That the insured may contact his/her insurance producer or any insurance
producer for coverage;
2. The
producer's name, if any, address, and telephone number;
3. The name, address, telephone number, and
website address of the Missouri Property Insurance Placement
Facility;
4. The reason for
cancellation, nonrenewal, reduction in amount, or adverse modification;
and
5. That any excess premium not
tendered must be refunded within thirty (30) days of this notice. Exhibit A
(included herein) contains a model notice which may be varied if the required
information is equally prominent in any substitute form of notice.
(4) Reciprocal or
Interinsurance Exchanges.
(A) All fire
insurance policies written by reciprocal and interinsurance exchanges shall be
subject to the requirement of section (3) of this regulation.
(B) Any policy issued by a reciprocal or
interinsurance exchange shall state-
1.
Whether or not the policy is assessable for contingent liabilities;
and
2. The subscriber's rights, if
any, to participation in the earnings or surplus of the exchange.
(C) A copy of the subscriber's
agreement with the attorney-in-fact for the exchange shall be attached to the
policy or application for coverage.
EXHIBIT A
COMPANY LETTERHEAD
Policy
Number(s)_________________________________________
Expiration
Date__________________________________________
Insured Premises
Location_________________________________
This is our office notice that the coverages afforded by the
above-numbered policies will be-
[] Cancelled
[] Not Renewed
[] Reduced in Amount
[] Adversely Modified as Follows:
EFFECTIVE: 12:01 A.M. ON THE ______DAY OF __________,
______
SPECIFIC REASON FOR TAKING ACTION SHOWN ABOVE:
_______________________________________________________
_______________________________________________________
_______________________________________________________
If you wish to secure coverages from another insurance
carrier, contact your insurance producer immediately.
(Producer's Name)
(Address)
(City, State, Zip)
(Telephone Number)
You may also contact any insurance producer. If you are
unable to buy coverage through the standard insurance market, an insurance
producer may also apply to the Missouri Property Insurance Placement Facility
for insurance coverages. Application may be made by mail, online, or in person
to the following address:
MISSOURI PROPERTY INSURANCE PLACEMENT FACILITY
11116 S. Towne Square, #303, St. Louis MO 63123
Phone: (314) 421-0170
Website: missourifairplan.com
Any excess premium must be refunded within thirty (30)
days.
Yours truly,
cc: Insurance Producer
cc: Mortgagee
