71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 1587
 
                         Senate Bill 440
 
Sponsored by COMMITTEE ON BUSINESS, LABOR, AND ECONOMIC
  DEVELOPMENT (at the request of John C. Powell)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Modifies requirements for insurance policies providing coverage
against fire and other perils.
 
                        A BILL FOR AN ACT
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;  { + and + }
    { - (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 - }
    { - (3) - }  { +  (2)  + }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. + }
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