CSSB 157(L&C): "An Act allowing an insurer to cancel an insurance policy if property becomes vacant and the vacancy increases the hazard insured against."
00 CS FOR SENATE BILL NO. 157(L&C) 01 "An Act allowing an insurer to cancel an insurance policy if property becomes vacant 02 and the vacancy increases the hazard insured against." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 21.36.210(f) is amended to read: 05 (f) An insurer may not exercise its right to cancel a policy of personal 06 insurance other than personal automobile insurance, except for the following reasons: 07 (1) nonpayment of premiums, including nonpayment of additional 08 premiums, calculated in accordance with the current rating manual of the insurer, 09 justified by a physical change in the insured property or a change in its occupancy or 10 use; 11 (2) conviction of the insured of a crime having as one of its necessary 12 elements an act increasing a hazard insured against; 13 (3) discovery of fraud or material misrepresentation made by the 14 insured or a representative of the insured in obtaining the insurance or by the insured
01 in pursuing a claim under the policy; 02 (4) discovery of a grossly negligent act or omission by the insured that 03 substantially increases the hazards insured against; [OR] 04 (5) physical changes in the insured property that result in the property 05 becoming uninsurable; or 06 (6) vacancy of the insured property that increases a hazard 07 insured against; in this paragraph, "vacancy" means entire abandonment of the 08 property by the insured and the property does not contain contents of substantial 09 utility. 10 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 APPLICABILITY. AS 21.36.210(f)(6), enacted by sec. 1 of this Act, applies to 13 property that becomes vacant on or after the effective date of this Act.