This bill amends West Virginia's Code §33-17-9 to clarify the underwriting of insurance policies for commercial or industrial real property. It specifies that insurers and insured parties can agree on any total amount for coverage, which may be less than the replacement cost value. The bill emphasizes that this agreement can include various valuation methods such as Replacement Cost Value, Actual Cost Value, market value determined by a qualified appraiser, or any other mutually agreed-upon amount.

The new legal language inserted into the bill explicitly states that, notwithstanding any other provisions in the code, the flexibility in determining the total amount of insurance coverage applies specifically to commercial real property. This change aims to provide clarity and flexibility in the insurance market for commercial properties, ensuring that parties can negotiate terms that suit their specific needs without being constrained by the replacement cost value.

Statutes affected:
Introduced Version: 33-17-9