2010 Tennessee Code
Title 56 - Insurance
Chapter 7 - Policies and Policyholders
Part 1 - General Provisions
56-7-111 - Property or casualty insurance General contractor as a payee.
56-7-111. Property or casualty insurance General contractor as a payee.
When insured property losses in excess of one thousand dollars ($1,000) accrue to the owners of dwellings or other structures insured under policies of property or casualty insurance as defined in § 56-2-201, the insurance company shall name the general contractor, as defined in § 62-6-102, of any uncompleted construction or building contract as a payee on the draft to the owner covering payment for the loss. The insurance company shall name the general contractor as payee on the draft pursuant to this section regardless of whether the work that was performed or is yet to be performed is less than twenty-five thousand dollars ($25,000).
[Acts 1974, ch. 705, § 1; T.C.A., § 56-1169; Acts 1998, ch. 706, § 1.]
Disclaimer: These codes may not be the most recent version. Tennessee 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.