There is a newer version
of
this Section
2017 Maryland Code
Insurance
Title 9 - Impaired Entities
Subtitle 3 - Property and Casualty Insurance Guaranty Corporation
§ 9-310. Exhaustion of rights; priority and nonduplication of recovery
Universal Citation: MD Ins Code § 9-310 (2017)
- (a) Exhaustion of rights. --
- (1) A person with a claim against an insurer under a policy or surety bond that is also a covered claim against an insolvent insurer shall exhaust first the person's rights under the policy or surety bond.
- (2) The amount payable on a covered claim under this subtitle shall be reduced by the amount of any recovery under the policy or surety bond.
- (b) Priority of recovery. --
- (1) Except as provided in paragraph (2) of this subsection, a person with a claim that may be recovered under more than one insurance guaranty corporation or its equivalent shall seek recovery first:
- (i) if the claim is a first party claim for damage to property with a permanent location, from the corporation or its equivalent of the location of the property; and
- (ii) if the claim is any other claim, from the corporation or its equivalent of the residence of the insured.
- (2) A person with a claim under a surety bond that may be recovered under more than one insurance guaranty corporation or its equivalent shall seek recovery first from the corporation or its equivalent of the place of performance of the obligation described in the surety bond.
- (1) Except as provided in paragraph (2) of this subsection, a person with a claim that may be recovered under more than one insurance guaranty corporation or its equivalent shall seek recovery first:
- (c) Nonduplication of recovery. -- A recovery under this subtitle shall be reduced by the amount of recovery from any other insurance guaranty corporation or its equivalent.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
