Virginia Code 38.2-2700: Purposes of chapter
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The purposes of this chapter are:
Terms Used In Virginia Code 38.2-2700
- Basic property insurance: means insurance against direct loss to any property caused by perils defined and limited in the standard fire policy prescribed in §§ Virginia Code 38.2-2701
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Qualified property: means all real property and all tangible personal property at a fixed location in this Commonwealth, whether or not the property is subject to exposure from an external hazard located on property that is neither owned nor controlled by the prospective insured, and whether or not the property is subject to exposure from riot hazard, where the property:
1. See Virginia Code 38.2-2701
1. To assure stability in the property insurance market of this Commonwealth;
2. To assure the availability of basic property insurance for qualified property;
3. To encourage maximum use of the voluntary insurance market provided by licensed insurers in obtaining basic property insurance; and
4. To provide for the equitable distribution among licensed insurers of the responsibility for insuring qualified property for which basic property insurance cannot be obtained through the voluntary insurance market.
1968, c. 559, § 38.1-746; 1986, c. 562.