Chapter 85 Oregon Laws 2001

AN ACT

SB 440

Relating to insurance policies; amending ORS 742.204 and 742.246.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 742.204 is amended to read:

742.204. Any insurance policy that includes, either on an unspecified basis as to coverage or for a single premium, coverage against the peril of fire and substantial coverage against other perils need not comply with the provisions of ORS 742.202 and 742.246, if such policy:

(1) Affords coverage with respect to the peril of fire, not less than the substantial equivalent of the coverage afforded by the provisions of the standard fire insurance policy as required by ORS 742.202;

[(2) Contains, without change, the provisions relating to mortgagee interests and obligations as required for the standard fire insurance policy by ORS 742.202; and]

(2) After a review under ORS 742.005 by the Director of the Department of Consumer and Business Services, is found by the director not to violate ORS 742.005 (2); and

(3) Is complete as to all its terms without reference to the standard fire insurance policy or any other policy.

SECTION 2. ORS 742.246 is amended to read:

742.246. (1) A fire insurer may add[,] to the provisions required by ORS 742.202[,] other conditions, provisions[,] and agreements not in conflict with law or contrary to public policy.

(2) Any provision restricting or abridging the rights of the insured under the policy must be preceded by a sufficiently explanatory title printed or written in type not smaller than eight-point capital letters.

(3) This section applies only to standard fire insurance policies as described in ORS 742.202 and does not apply to any other insurance policies.

Approved by the Governor April 18, 2001

Filed in the office of Secretary of State April 18, 2001

Effective date January 1, 2002

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