P.R. Laws tit. 26, § 3701
As used in this chapter:
(1) Fire and allied lines insurance.— Means the insurance on real or personal property of every kind and interest therein, against loss or damage by any or all hazard or cause, and against losses resulting from such losses or damage other than noncontractual legal liability for any such losses or damages, as defined in the first sentence of § 404 of this title.
It shall be understood that “fire and allied lines insurance” shall not include automobile insurance, or marine or transportation insurance.
(2) Association.— Means the Joint Underwriting Association for Fire and Allied Lines Insurance, established according to this chapter.
(3) Plan of operation.— Means the plan of operation approved in accordance with § 3702 of this title.
(4) Insurable property.— Means real property located anywhere in the Commonwealth of Puerto Rico, or personal property located therein, having an insurable value which shall not exceed the limits provided in the plan of operation of the Association, and in no event shall be more than two million dollars ($2,000,000) in the same location, and that such property, after being inspected and appraised, following the criterion stipulated in the plan of operation, shall be considered by the Association as a property in insurable conditions.
(5) Direct net premiums.— Means direct gross premiums written in Puerto Rico for fire and allied lines insurance on property in Puerto Rico, including the hazards of fire and allied lines covered by multi-hazards policies (package policies) on residential and commercial buildings, as determined by the Commissioner, subtracting the return premiums or those portions not used or not absorbed from the deposited premiums.
History —Ins. Code, added as § 37.010 on June 14, 1968, No. 85, p. 152.