Illinois Compiled Statutes 815 ILCS 312/40 – Insurable interest
Current as of: 2024 | Check for updates
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(a) Notwithstanding any other law, statute, rule, or regulation to the contrary, a car-sharing program shall have an insurable interest in a shared vehicle during the car-sharing period and may provide or offer to provide coverage to a shared-vehicle owner or a shared-vehicle driver under the policy of insurance described in subsection (c).
(b) Nothing in this Section shall be construed as modifying the obligations of the car-sharing program pursuant to Section 10.
(c) A car-sharing program may own and maintain, as the named insured, one or more policies of motor vehicle liability insurance that separately or in combination provides coverage for:
(1) liabilities assumed by the car-sharing program
(b) Nothing in this Section shall be construed as modifying the obligations of the car-sharing program pursuant to Section 10.
Terms Used In Illinois Compiled Statutes 815 ILCS 312/40
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Statute: A law passed by a legislature.
(c) A car-sharing program may own and maintain, as the named insured, one or more policies of motor vehicle liability insurance that separately or in combination provides coverage for:
(1) liabilities assumed by the car-sharing program
under a car-sharing agreement;
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(2) any liability of the shared-vehicle owner;
(3) damage or loss to the shared vehicle; or
(4) any liability of the shared-vehicle driver.
(3) damage or loss to the shared vehicle; or
(4) any liability of the shared-vehicle driver.