SB661

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

West Virginia SB661 clarifies that insurance policies covering commercial real property can be underwritten for any total amount agreed upon by the insurer and the insured, including Replacement Cost Value, Actual Cost Value, market value, or any other agreed amount. This applies unless the insurance is procured from two or more insurers covering the same interest in the property. The bill aims to ensure flexibility in the underwriting of commercial real property insurance policies.