§ 38.2-2600. Definitions
As used in this article:
"Fronting company" means a licensed insurer or licensed home protection company which generally transfers to one or more unlicensed insurers or unlicensed home protection companies by reinsurance or otherwise all or substantially all of the risk of loss under all of the home protection contracts written by it in this Commonwealth.
"Home protection company" means any person who performs, or arranges to perform, services pursuant to a home protection insurance contract.
"Home protection insurance contract" or "contract" means any insurance contract or agreement whereby a person undertakes for a specified period of time and for a predetermined fee to furnish, arrange for or indemnify for service, repair, or replacement of any and all of the structural components, parts, appliances, or systems of any covered residential dwelling necessitated by wear and tear, deterioration, inherent defect, or by the failure of an inspection to detect the likelihood of failure.
The contract shall provide for a system to effect repair or replacement if the contract undertakes to provide for repair or replacement services. The contract shall not include protection against consequential damage from the failure of any structural component, part, appliance or system.
"Structural component" means the roof, foundation, basement, walls, ceilings, or floors of a home.
(1981, c. 530, §§ 38.1-932, 38.1-944; 1982, c. 132; 1986, c. 562; 2006, c. 634.)
Sections: 38.2-2600 38.2-2601 38.2-2602 38.2-2603 38.2-2604 38.2-2605 38.2-2606 38.2-2607 38.2-2608 38.2-2609 38.2-2610 38.2-2611 38.2-2612 38.2-2613 38.2-2614 NextLast modified: April 3, 2009