[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_HB3367
LRB9201879JSpc
1 AN ACT in relation to insurance.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Insurance Code is amended by
5 adding Section 143.10d as follows:
6 (215 ILCS 5/143.10d new)
7 Sec. 143.10d. Property insurance; excavation.
8 (a) In this Section:
9 "Basic property insurance" means the coverage against
10 direct loss to real or tangible personal property at a fixed
11 location provided in the Standard Fire Policy and Extended
12 Coverage Endorsement and such vandalism and malicious
13 mischief or such other classes of insurance as may be added
14 with respect to the property by the Industry Placement
15 Facility with the approval of the Director, except insurance
16 on automobile, farm, and manufacturing risks. "Basic
17 property insurance" includes homeowners insurance.
18 "Homeowners insurance" means the personal multi-peril
19 property coverages commonly known as homeowners insurance.
20 (b) A policy of basic property insurance may not exclude
21 coverage for damage to property caused by excavation. An
22 insurance company that is authorized to do business in this
23 State and that issues policies for basic property insurance
24 may not refuse to issue or renew a policy for basic property
25 insurance to the owner of property if any of the grounds for
26 failure to issue or renew the policy is that the owner of the
27 property has excavated land on his or her property or that
28 excavation has taken place on property adjacent to the
29 owner's property.