ACORD 62 LA (4/98) – Louisiana Commercial Property Supplement – Loss Settlement
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 62 LA is the language recommended by theProperty Insurance Association of Louisiana for use with Commercial Property applications. Use ACORD 62 LA with Property Section, ACORD 140 and Business Owners Application, ACORD 160.
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.