§2292. Definitions; personal property; option to exclude
A. As used in this Part, unless the context otherwise requires:
(1) "Assessable insureds" means insureds who procure a policy of insurance for one
or more subject lines of business in this state.
(2) "Assessable insurers" means insurers authorized to write one or more subject
lines of business in this state.
(3) "Coastal area" means all of that area of the state designated in the plan of
operation submitted by the governing board, approved by the commissioner of insurance and
designated as Coastal Plan (Louisiana Insurance Underwriting Plan) area.
(4) "Coastal Plan" means the successor to that program established by Act No. 35
of the 1970 Regular Session of the Legislature to provide a residual market for adequate
insurance on property in the coastal areas of the state, now available as a program of the
Louisiana Citizens Property Insurance Corporation.
(5) "Corporation" means the Louisiana Citizens Property Insurance Corporation and
includes the residual market insurance programs known as the "Coastal Plan" and the "FAIR
Plan".
(6) "Essential property insurance" means any of the following coverages against
direct loss to property as defined by the plan of operation approved by the commissioner of
insurance:
(a) Fire, with or without extended coverage and vandalism and malicious mischief.
(b) Windstorm and hail without fire, but only with respect to dwellings and
commercial properties on a monoline basis.
(c) Homeowners.
(d) Business interruption insurance but only with respect to commercial properties
on a monoline basis.
(7) "FAIR Plan" means the successor to that program established by Act No. 424 of
the 1992 Regular Session of the Legislature and designated as the "Fair Access to Insurance
Requirements Plan" to provide a residual market for adequate insurance on property in the
state, now available as a program of the Louisiana Citizens Property Insurance Corporation.
(8) "Governing board" means that board of directors which is established under R.S.
22:2294 and, where appropriate, any designee of the governing board.
(9) "Insurable property" means real and tangible personal property at a fixed location
in Louisiana when such property is in an insurable condition and basic property insurance
is not obtainable in the voluntary market and as further defined by the governing board.
(10) "Net direct premiums" means gross direct premiums, excluding reinsurance
assumed, written for subject lines of business, less return premiums, dividends paid or
credited to policyholders, or the unused or unabsorbed portions of premium deposits. In no
event shall premiums on industrial fire insurance policies be considered as net direct
premiums.
(11) "Plan of operation" means the document setting the rules of operation of the
corporation, as promulgated by the governing board and approved by the Senate Committee
on Insurance and the House Committee on Insurance pursuant to the provisions of this
Chapter.
(12) "Subject lines of business" means the following lines of business: fire, allied
lines, homeowners' multiperil, the property insurance portion of commercial multiperil
policies, and the business interruption insurance portion of commercial multiperil policies
or such interruption insurance with respect to commercial properties on a monoline basis.
B. Notwithstanding Paragraph (A)(9) of this Section, a policyholder may request, in
writing, to exclude tangible personal property from covered insurable property. If the
policyholder excludes coverage, the insurer may calculate an actuarially justified reduction
in premium.
Acts 2003, No. 1133, §1; Acts 2004, No. 106, §1; Acts 2007, No. 459, §4, eff. Jan.
1, 2008; Redesignated from R.S. 22:1430.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009;
Acts 2009, No. 239, §1; Acts 2012, No. 271, §1; Acts 2024, No. 401, §1.