summary
Introduced
01/29/2026
01/29/2026
In Committee
01/29/2026
01/29/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
The purpose of this bill is to clarify that insurance policies covering commercial or industrial real property may be underwritten for any amount agreed-upon by the parties, even if that amount is less than the replacement cost value.
AI Summary
This bill clarifies that insurance policies for commercial or industrial real property in West Virginia can be written for any amount that the insurance company and the property owner agree upon, even if that amount is less than the full cost to repair or replace the property without considering depreciation, which is known as the Replacement Cost Value. This means that parties can agree to insure the property for its Actual Cost Value (which accounts for depreciation), its market value as determined by an appraiser, or any other value they mutually decide on, overriding any previous laws that might have required insurance to be for the full replacement cost.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Senate Banking and Insurance Committee Meeting (14:00:00 2/4/2026 451-M) (on 02/04/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=661&year=2026&sessiontype=RS&btype=bill |
| Fiscal Note - Insurance Commission | http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=955906095 |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb661%20intr.htm&yr=2026&sesstype=RS&i=661 |
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