December 26, 2016

This question is regarding building fires from the recent wildfires in Sevier County/Gatlinburg, TN. We know that Tennessee is a valued policy state.

If a CP 00 10 and CP 10 30 policy is purchased for a rental property through an E&S carrier, does the valued policy law apply?

Does being a nonadmitted carrier or excess and surplus lines carrier change the application of the valued policy law?

Tennessee Subscriber

The Tennessee statutes do not specify whether they are applicable to nonadmitted or surplus lines carriers. They just refer to "the company" or "company, agent or insurance producer." While we cannot give legal advice, it does seem that the law applies to any company issuing fire policies in Tennessee.