ACORD 61 LA (2001/05) – Louisiana Homeowners Supplement – Loss Settlement – For Use With HO4
Louisiana law provides that, in cases of total loss to “inanimate, immovable property”, the limit of insurance used to determine the premium charge will be the amount used by the insurance company to calculate the loss payment, without any “deduction or offset, unless a different method is used in the computation of loss”. If a different method is used, both the policy and the application for insurance must state the actual method of loss settlement.
The language in ACORD 61 LA is the language recommended by theProperty Insurance Association of Louisiana for use with applications for HO4 coverage. Use ACORD 61 LA with Homeowners Application, ACORD 80.
Note this form is now mandatory when submitting applications for this type of coverage to either the Louisiana Joint Reinsurance Plan or the Louisiana Insurance Underwriting Plan.