Sec. 1. 24-A MRSA §3008 is enacted to read:

§3008.__Disclosures to insured regarding loss under fire

insurance policy

An insurer issuing a fire insurance policy on property in this State shall separately disclose to the consumer in writing the following information regarding provisions of the standard fire insurance policy required under section 3002:

1.__Requirements if loss occurs.__The requirements and responsibility of the insured in case loss occurs;

2.__Appraisal process and right to umpire.__The appraisal process and right of the insured to request an umpire to determine the amount of loss if there is no agreement between the insured and the insurer regarding the actual cash value or amount of loss; and

3.__Applicable statute of limitations.__The applicable statute of limitations for an insured to bring a court action against the insurer for the recovery of any claim after a loss or for the breach of the contract by the insurer.

SUMMARY

This bill requires insurance companies that issue fire insurance policies on property located in the State to separately disclose to the insured in writing information regarding the insured's responsibility if loss occurs, the process for an appraisal and appointment of an umpire to resolve conflicts over loss amounts and the applicable statute of limitations for court actions against the insurer.