3 Colo. Code Regs. § 702-5-1-23-4

Current through Register Vol. 47, No. 24, December 25, 2024

Section 3 CCR 702-5-1-23-4 - Definitions

A. "Contents" shall mean, for the purposes of this regulation, the personal property owned by the policyholder, including but not limited to clothing, furniture, electronics and other household goods.

B. "Contents coverage" means, for the purpose of this regulation, the amount and extent of risk covered by an insurer in a policy of insurance for the contents of the insured property.

C. "Depreciated value," means, for the purpose of this regulation, the difference between the cost to replace insured property and the actual cash value of the property.

D. "Inventory" means an itemized list of the various articles of personal property or consumer goods destroyed, damaged beyond repair, or lost due to a covered peril.

E. "Insurer" shall have the same meaning as Section 10-1-23 -102 (13), C.R.S.

F. "Owner-occupied residence" means a residence that is occupied primarily for the use of the owner and the owner's designees, furnished at the time of loss, and includes but is not limited to, an owner-occupied primary residence. An "owner occupied residence" may be a primary or secondary home. This definition does not include any property insured under a commercial insurance or agribusiness policy.

G. "Policyholder" means for purposes of this regulation, the person who owns the policy of insurance which provides insurance coverage for the owner-occupied residence.

H. "Wildfire" shall have the same meaning as Section 10-4-110.8 (3) (i), C.R.S.

3 CCR 702-5-1-23-4

46 CR 17, September 10, 2023, effective 9/30/2023