The bill amends Chapter 27-7 of the General Laws regarding liability insurance by introducing a new section, 27-7-1.1, which prohibits "wasting policies." Under this new provision, every insurance policy that insures against liability for property damage or personal injuries, as well as any policy that indemnifies a person for such liability (excluding workers' compensation), must clearly state a policy limit that is fully available for the payment of claims. Additionally, the bill specifies that no portion of the policy limit may be used for the payment of fees or costs to defend a claim. This act is set to take effect upon passage.