Md. Code Regs. 31.15.10.01

Current through Register Vol. 51, No. 21, October 18, 2024

Section 31.15.10.01 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Business purposes standard" means the standard required by Insurance Article, § 27-501(a)(2), Annotated Code of Maryland.

(2) "Claim" means a reported loss that is covered or coverable under a policy.

(3) "Loss" means damage or injury to body, person, or property.

(4) "Remediation" means repair of the premises or dwelling of an insured or replacement of part of the premises or dwelling of an insured that:

(a) Eliminates or significantly diminishes the condition of the premises or dwelling that gave rise to a claim; and

(b) Makes it reasonably unlikely that the same type of claim will arise again.

(5) "Repair notice" means written notice that:

(a) An insurer provides to an insured pursuant to Insurance Article, § 27-501(i)(2), Annotated Code of Maryland; and

(b) Requests the insured to make reasonable or customary repairs or replacement specific to the insured's premises or dwelling.

Md. Code Regs. 31.15.10.01

Regulations .01 adopted as an emergency provision effective February 4, 1999 (26:5 Md. R. 389); emergency status expired August 4, 1999; emergency status reinstated effective August 26, 1999 (26:19 Md. R. 1446); emergency status expired December 29, 1999
Regulations .01 adopted effective March 6, 2000 (27:4 Md. R. 455)