Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 21. Insurance
- Chapter 60. Property Insurance Contracts
- Section 10. Over-Insurance Prohibited.
previous: Chapter 60
. Property Insurance Contracts
next: Section 20
. Replacement Insurance.
AS 21.60.010. Over-Insurance Prohibited.
- (a) Over-insurance shall be considered to exist if property or an insurable interest in property is insured by one or more
insurance contracts against the same hazard in an amount in excess of the fair value of the property or of the
interest, as determined on the effective date of the insurance or the renewal of it.
- (b) In this section the term "fair value" means the cost of replacement less depreciation that is properly applicable to
the subject insured.
- (c) A person may not knowingly issue, place, procure, or accept an insurance contract that would result in over-insurance
of the property or interest in the property proposed to be insured, except as provided in AS 21.60.020
- (d) Each violation of this section shall subject the violator to the penalties provided in AS 21.90.020
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.