(1) Any person who has a claim under an insurance policy against an insurer other than an insolvent insurer which would also be a covered claim against an insolvent insurer must first exhaust the remedies under such policy.
(2) Any person who has a claim that may also be recovered from one or more insurance guaranty agencies that perform functions similar to that of the Oregon Insurance Guaranty Association shall first seek recovery from whichever organization serves the place of residence of the insured, except that:
(a) Recovery on first party claims for damage to property with a permanent location shall first be sought from whichever organization serves the location of the property; and
(b) Recovery on workers’ compensation claims shall first be sought from whichever organization serves the residence of the claimant.
(3) Any recovery under ORS 734.510 to 734.710 from the association shall be reduced by the amount of any recovery pursuant to subsections (1) and (2) of this section. [1971 c.616 §16; 1977 c.793 §10]
Section: Previous 734.580 734.590 734.600 734.610 734.620 734.630 734.635 734.640 734.650 734.660 734.670 734.680 734.690 734.695 734.700 NextLast modified: August 7, 2008