What is essential property?
A. Code 38-75-310 (1) provides the definition of essential property insurance. Q. The legislation states that the mitigation discounts apply only to Primary homes, not secondary homes. Since our company does not write owner occupied Dwelling Fire policies, we assume we would not have to file mitigation discounts for the Dwelling Fire form. A. Code 38-75-310 (1) refers to essential property and (4) refers to insurable interest and does not limit property to the primary residences. Therefore, the mitigation discounts are required. Q. Can you confirm that §§ 6-9 of the Coastal Property Act (new §§ 38-75-755, 38-73-260, and 38-73-1095(C)) will not apply to eligible surplus lines insurers? A. It is the Department’s position that the mitigation discounts do not apply to Surplus Lines.
