Code of Virginia - Title 38.2 Insurance - Section 38.2-2200 Required provisions as to insolvency or bankruptcy, and as to when action maintained against insure...

§ 38.2-2200. Required provisions as to insolvency or bankruptcy, and as to when action maintained against insure...

No policy or contract insuring or indemnifying against liability for injury to or the death of any person, liability for injury to or destruction of property, or liability for injury to the economic interests of any person, shall be issued or delivered in the Commonwealth unless it contains in substance the following provisions or other provisions that are at least equally favorable to the insured and to judgment creditors:

1. That the insolvency or bankruptcy of the insured, or the insolvency of the insured's estate, shall not relieve the insurer of any of its obligations under the policy or contract.

2. That if execution on a judgment against the insured or his personal representative is returned unsatisfied in an action brought to recover damages for injury sustained or for loss or damage incurred during the life of the policy or contract, then an action may be maintained against the insurer under the terms of the policy or contract for the amount of the judgment not exceeding the amount of the applicable limit of coverage under the policy or contract.

(Code 1950, § 38-238; 1952, c. 317, § 38.1-380; 1986, c. 562; 2005, c. 290.)

Sections:  38.2-2200  38.2-2201  38.2-2202  38.2-2203  38.2-2204  38.2-2205  38.2-2205.1  38.2-2206  38.2-2207  38.2-2208  38.2-2209  38.2-2210  38.2-2211  38.2-2212  38.2-2212.1  Next

Last modified: April 3, 2009