Chapter 65A — Minnesota Standard Fire Insurance Policy

65A.01 Minnesota Standard Fire Insurance Policy This law sets the rules for all fire insurance policies sold in Minnesota. It spells out exactly what a standard fire … 65A.02 Joint Policy This law says that when two or more insurance companies join together to issue one fire insurance policy, the policy … 65A.03 Binders, Temporary Insurance This law allows insurance agents to give you temporary fire insurance coverage, called a binder, either by word of mouth … 65A.04 Effect on Section 65a.08 This short law makes clear that the rules about the standard fire insurance policy form do not change or limit the … 65A.05 Nuclear Reaction, Radiation or Radioactive Contamination; Endorsement This law says that damage from nuclear reactions, nuclear radiation, or radioactive contamination is not automatically … 65A.06 Motor Vehicle, Ocean and Inland Marine Policies This law says that fire insurance for cars, motorcycles, and other motor vehicles, as well as ocean and inland marine … 65A.061 Creditors Limited to Existing Insurance This law protects borrowers from being forced to buy new insurance through their lender when they already have insurance … 65A.07 Cancellation of Fire Policy This section allows fire insurance companies to add a clause to their policies that permits cancellation with five days' … 65A.08 Special Provisions This section sets the core payment rules for fire insurance in Minnesota. In a total loss, the insurer must pay the full … 65A.09 Insurance in Excess of Replacement Cost This section prohibits insurance companies from knowingly writing fire insurance on property for more than its … 65A.10 Limitation This section clarifies that the limits in sections 65A.08 and 65A.09 do not prevent replacement cost insurance, which … 65A.11 Payment to Mortgagee This section governs how insurance proceeds are paid when a mortgage lender is named on a fire insurance policy. The … 65A.12 Waiver of Right to Appraisal This section governs the appraisal process when a party to an insurance contract fails to appoint an appraiser after a … 65A.13 Liability of Company This section protects policyholders even when an insurance company issues a policy that violates state law. Even if the … 65A.14 Person Who Procures an Application Agent of Issuing Company This section establishes that anyone who solicits insurance and obtains an application from a customer is legally the … 65A.15 Violation This section makes it a gross misdemeanor for any insurance company or agent to willfully issue a policy that violates … 65A.16 Guaranty Surplus and Special Reserve Fund This section allows Minnesota-chartered fire insurance companies to voluntarily create two special financial reserve … 65A.17 Action of Stockholders Filed With Commissioner This section describes how a fire insurance company can set up guaranty surplus and special reserve funds. The company's … 65A.18 Dividends Declared Out of Surplus Profits This section limits how much dividend a fire insurance company can pay to shareholders while building up its guaranty … 65A.19 Examination This section describes how a fire insurance company proves it has met the requirements of the guaranty surplus and … 65A.20 Items Considered in Estimating Profit This section defines how to calculate the profit available for division between a fire insurance company's guaranty … 65A.21 Investment of Guaranty Surplus This section provides that a fire insurance company's guaranty surplus fund must be invested and held in the same way as … 65A.22 Investment of Special Reserve Fund This section requires the special reserve fund of a fire insurance company to be invested according to the rules … 65A.23 When Claims Exceed Guaranty Surplus and Capital Stock This section establishes what happens when fire insurance claims exceed a company's capital stock and guaranty surplus … 65A.24 Stockholders to Make up Impairment This section requires fire insurance company directors to notify the commissioner if the company's capital becomes … 65A.25 This section has been repealed. It previously contained provisions related to homeowners insurance under Chapter 65A of … 65A.26 Hail Insurance, Policies, Loss Adjustment This section requires all hail insurance policies in Minnesota to include a mandatory appraisal clause. If the insurer … 65A.27 Definitions This section provides definitions for the homeowners insurance provisions in sections 65A.27 through 65A.302. It defines … 65A.28 Disclosure and Filing Requirements This section requires insurance companies writing homeowners insurance in the Twin Cities metro area and first-class … 65A.285 Surcharge Prohibition This section prohibits insurance companies from charging a higher premium or removing a claim-free discount solely … 65A.29 Cancellation; Nonrenewal; Refusal to Write This section sets strict rules for how insurers can cancel, refuse to renew, or decline to write homeowners insurance in … 65A.295 Homeowner's Insurance Coverage This section requires every homeowners insurer in Minnesota to offer at least one policy option where the homeowner can … 65A.296 Proof of Loss This section sets the rules for proof of loss requirements on homeowners insurance claims. An insurer can deny a claim … 65A.297 Active Duty Member of Armed Services Reserve or National Guard; Use in Underwriting Prohibited This section prohibits insurers — including the Minnesota FAIR plan — from canceling, refusing to renew, reducing … 65A.298 Homeowner's Insurance; Fortified Program Standards This section requires homeowners insurers to offer premium discounts or rate reductions to owners of homes that meet the … 65A.299 Strengthen Minnesota Homes Program This section creates the Strengthen Minnesota Homes program within the Department of Commerce to provide grants to … 65A.30 Day Care Services; Coverage This section provides that a home day care provider's standard homeowners insurance does not automatically cover losses … 65A.301 Adult Foster Care Services; Coverage This section clarifies that a homeowner's standard insurance policy does not automatically cover losses or damages … 65A.302 Flood Insurance Coverage; Disclosure of Noncoverage This section requires homeowners insurance companies to give policyholders a written notice each year explaining that … 65A.3025 Condominium and Townhouse Policies; Coordination of Benefits for Loss Assessment This section addresses which homeowners insurance policy pays when a condo or townhouse association charges a unit owner … 65A.303 Homeowner's Liability Insurance; Dogs This section prohibits homeowners insurers from denying, canceling, or refusing to renew insurance solely because a … 65A.31 Minnesota Fair Plan Act This section is the title and citation provision for the Minnesota FAIR Plan Act, found in sections 65A.31 through … 65A.32 Purposes This section explains the goals of the Minnesota FAIR Plan Act: to stabilize the property insurance market, encourage … 65A.33 Definitions This section defines key terms used throughout the Minnesota FAIR Plan Act. 'Property or liability insurance' includes … 65A.34 Plan Coverage This section describes how to apply for Minnesota FAIR plan coverage and what happens during the property inspection. … 65A.35 Administration This section establishes the governance and administration of the Minnesota FAIR plan. Every property insurer licensed … 65A.36 Underwriting This section describes the Minnesota FAIR plan's underwriting process. Agents cannot bind coverage — only the FAIR plan … 65A.37 Policy Forms This section requires Minnesota FAIR plan policies to use standard policy forms that have been approved by the … 65A.375 Rates This section requires the commissioner of commerce to set insurance rates for cooperative housing and neighborhood real … 65A.38 Policy Cancellation This section limits the grounds on which the Minnesota FAIR plan can cancel a policy. Cancellation is only allowed for … 65A.39 Appeals This section gives applicants and insurers the right to appeal Minnesota FAIR plan decisions to the board of directors … 65A.40 Education Programs This section requires the Minnesota FAIR plan to run a continuing public education program to make sure people know … 65A.41 Agents This section allows licensed insurance agents to submit applications to the Minnesota FAIR plan and earn a commission, … 65A.42 Immunity From Liability This section protects the Minnesota FAIR plan, its board, staff, insurers participating in the plan, and the … 65A.43 This section has been repealed. It previously contained provisions related to the Minnesota FAIR Plan Act. 65A.44 Definitions This section provides definitions for sections 65A.44 and 65A.45 governing residential renter's insurance. It defines … 65A.45 Residential Renter's Insurance Policy This section requires renter's insurance companies in Minnesota to offer a single policy that covers up to four people … 65A.50 Trust or Escrow Accounts; Insured Real Property Fire or Explosion Loss Proceeds This section allows municipalities to require that a portion of fire or explosion insurance proceeds be held in escrow …