Tex.
Ins. Code Section 2210.5741
Replacement Cost Coverage Claim Processing
(a)
After the association accepts coverage for a claim in full or in part, a claimant whose association policy includes replacement cost coverage for the claim may request the replacement cost payment by submitting to the association documentation of the cost and completion of the repairs related to the claim not later than the 545th day after the date the claimant receives a notification under Section 2210.573 (Filing of Claim; Claim Processing)(d)(1) or (2).(b)
Not later than the 30th day after the date the association receives documentation under Subsection (a), the association shall provide the claimant, in writing, notification of:(1)
the amount of the replacement cost payment the association will make; and(2)
the deadline to request appraisal under this section.(c)
The association shall pay the amount described by Subsection (b)(1) not later than the 10th day after the date notification is provided under Subsection (b).(d)
If a claimant has not demanded appraisal with respect to a claim under Section 2210.574 (Disputes Concerning Amount of Accepted Coverage) and the claimant disputes the replacement cost amount the association will pay with respect to the claim, the claimant may demand appraisal of the replacement cost amount not later than the 30th day after the date the claimant receives the notification under Subsection (b). A claimant may demand appraisal under this section without regard to whether all repairs related to the claim are complete.(e)
Except with respect to the deadlines applicable to an appraisal under this section, the appraisal under this section shall be conducted in the same manner as an appraisal demanded under Section 2210.574 (Disputes Concerning Amount of Accepted Coverage).(f)
If a claimant’s association policy includes replacement cost coverage, the written notification provided to the claimant under Section 2210.573 (Filing of Claim; Claim Processing)(d)(1) or (2) must notify the claimant of the deadlines under this section for:(1)
completing repairs and submitting documentation under Subsection (a); and(2)
demanding appraisal under this section.
Source:
Section 2210.5741 — Replacement Cost Coverage Claim Processing, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2210.htm#2210.5741 (accessed Jun. 5, 2024).
