Fire and Related Insurance (the Minnesota standard fire insurance policy, homeowners provisions, cancellation and nonrenewal, and the real property fire loss escrow account)

What this document is

Minnesota Statutes Chapter 65A - Fire and Related Insurance (the Minnesota standard fire insurance policy, homeowners provisions, cancellation and nonrenewal, and the real property fire loss escrow account) is a state statute published by Minnesota Office of the Revisor of Statutes (revisor.mn.gov). It is one of the Minnesota documents that insurance license exam questions are written from, including minnesota property & casualty, minnesota personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Minn. Stat. § 65A.01 (Minnesota standard fire insurance policy)

  “No policy or contract of fire insurance shall be made, issued or delivered by any insurer including reciprocals or interinsurance exchanges or any agent or representative thereof, on any property in this state, unless it shall provide the specified coverage and conform as to all provisions,...”

• Minn. Stat. § 65A.01 (Minnesota standard fire insurance policy; mortgagee clause)

  “if this policy shall be made payable to a mortgagee or contract for deed vendor of the covered real estate, no act or default of any person other than such mortgagee or vendor or the mortgagee's or vendor's agent or those claiming under the mortgagee or vendor, whether the same occurs before or...”

• Minn. Stat. § 65A.01, subd. 3 (Minnesota standard fire insurance policy; loss not occurring while hazard increased, vacant beyond the stated period, or from explosion or riot)

  “Unless otherwise provided in writing added hereto this company shall not be liable for loss occurring: (a) while the hazard is increased by any means within the control or knowledge of the insured; or (b) while the described premises, whether intended for occupancy by owner or tenant, are vacant or...”

• Minn. Stat. § 65A.12, subd. 1 (Waiver of right to appraisal)

  “Any person who shall not, within 20 days after written request, appoint a qualified appraiser, as provided in the policy, shall at the election of the other party be deemed to have waived the right to appraisal, and, if it be the insurer, shall be liable to suit.”

• Minn. Stat. § 65A.08, subd. 5 (Coinsurance provision)

  “Any policy may contain a coinsurance clause, if the insured requests the same, in writing, of which fact such writing shall be the only evidence, and if, in consideration thereof, a reduction in the rate of premium is made by the company. When so demanded and attached to the policy, this agreement...”

• Minn. Stat. § 65A.01, subd. 3 (Minnesota standard fire insurance policy; subrogation)

  “This company is subrogated to, and may require from the insured an assignment of all right of recovery against any party for loss to the extent that payment therefor is made by this company; and the insurer may prosecute therefor in the name of the insured retaining such amount as the insurer has paid.”

• Minn. Stat. § 65A.34, subd. 1 (Minnesota FAIR plan; application)

  “Any person having an insurable interest in real or tangible personal property who has been canceled, nonrenewed, or otherwise rejected for coverage in the private market may submit an application for coverage to the plan. If an inspection of the premises is performed, it must be done at no cost to the applicant.”

• Minn. Stat. § 65A.29, subd. 9 (Notice of right to complain)

  “A named insured who believes a nonrenewal, reduction in the limits of coverage, elimination of coverage, or cancellation under section 65A.01, subdivision 3a, is in violation of the law or the rules may, within 30 days after receipt of the notice, file in writing an objection to the action with the commissioner.”

• Minn. Stat. § 65A.296, subd. 2 (Proof of Loss; Failure to Complete Timely Proof of Loss)

  “In an action for the recovery of a claim on a homeowner's insurance policy, an insured's failure to comply with the 60-day proof of loss requirement: (1) is a bar to recovery if the insured received the notice specified in subdivision 1, unless the insured demonstrates to the court's satisfaction...”

• Minn. Stat. § 65A.09, subd. 1 (Insurance in Excess of Replacement Cost; Insurance Limited)

  “No company shall knowingly issue any policy upon property in this state for an amount which, together with any existing insurance thereon, exceeds the replacement cost of the buildings and any other covered improvements on the property. Any company willfully insuring property for more than that...”

• Minn. Stat. § 65A.10, subd. 1 (Limitation; Buildings)

  “Nothing contained in sections 65A.08 and 65A.09 shall be construed to preclude insurance against the cost, in excess of actual cash value at the time any loss or damage occurs, of actually repairing, rebuilding or replacing the insured property. Subject to any applicable policy limits, where an...”

• Minn. Stat. § 65A.13 (Liability of Company)

  “Notwithstanding any penalty prescribed for the making, issuing, or delivery of any policy in violation of any provision of law, every such policy shall be binding upon the company issuing the same.”

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