HB4472

Clarifies that commercial real property insurance policies in West Virginia can be underwritten for any agreed-upon amount, including less than.

West Virginia HB4472 amends the state's insurance code to clarify that commercial real property insurance policies can be underwritten for any total amount agreed upon by the insurer and the insured. This includes replacement cost value, actual cost value, or market value, as determined by a qualified appraiser, or any other amount the parties agree upon. The bill specifies that "replacement cost value" is the cost to repair or replace the property without deducting depreciation, and "actual cost value" is the depreciated cost to repair or replace the property.