Exhaustion of remedies of insured.
1. Any person having a claim against his insurer, including, but not limited to, a claim for damages caused by an uninsured motorist, under any provision in his insurance policy, which is also a covered claim shall first exhaust his right under the policy. Any amount payable on a covered claim under this chapter must be reduced by the amount of the applicable limit under the claimant’s insurance policy, regardless of whether the claimant recovers the full amount payable under that policy or exhausts only a lesser amount.
2. Any person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured. However, if the claim is a first party claim for damage to property with a permanent location, recovery must first be sought from the association of the location of the property. If the claim is a workman’s compensation claim, recovery must first be sought from the association of the residence of the claimant. Any recovery under this chapter must be reduced by the amount of the recovery from any other insurance guaranty association or its equivalent.
Last modified: February 27, 2006