Indiana Code 27-2-13-5. Withholding of insurance proceeds; exceptions
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Sec. 5. An authorized agency that is investigating a fire believed to have been caused by arson may, in writing, order an insurer to withhold payment of the proceeds of an insurance policy on the damaged or destroyed property for up to thirty (30) days from the date of the order. The insurer may not make a payment during that time, except for payments:
(2) for emergency action necessary to secure the premises;
(1) for emergency living expenses;
Terms Used In Indiana Code 27-2-13-5
- Authorized agency: means :
Indiana Code 27-2-13-1
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) necessary to prevent further damage to the premises; or
(4) to a mortgagee who is not the target of investigation by the authorized agency.
As added by P.L.247-1989, SEC.1.