This bill amends West Virginia Code §33-17-9 to clarify the underwriting of commercial real property insurance policies. It specifies that insurers may underwrite these policies for any total amount agreed upon by the insurer and the insured, which can include amounts less than the replacement cost value of the property. The bill introduces definitions for "replacement cost value" and "actual cost value," providing clarity on how these terms are understood in the context of insurance coverage.

Additionally, the bill maintains the existing liability structure for insurers in cases of total or partial fire loss, ensuring that they remain liable for the full amount stated in the policy. However, it explicitly states that the new provisions apply only to commercial real property insurance and do not affect policies procured from multiple insurers covering the same interest. Overall, the bill aims to provide flexibility in the underwriting process for commercial real property insurance, allowing for agreements that reflect the specific needs and circumstances of the insured parties.

Statutes affected:
Introduced Version: 33-17-9