Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 15 - UNFAIR TRADE PRACTICES
Chapter 31.15.10 - Homeowner's Insurance and Private Passenger Motor Vehicle Insurance - Standards for Cancellation and Nonrenewal
Section 31.15.10.01 - Definitions
Universal Citation: MD Code Reg 31.15.10.01
Current through Register Vol. 51, No. 19, September 20, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Business purposes standard" means the standard required by Insurance Article, §
27-501(a)(2), Annotated Code of Maryland.
(2) "Claim" means a reported loss that is covered or coverable under a policy.
(3) "Loss" means damage or injury to body, person, or property.
(4) "Remediation" means repair of the premises or dwelling of an insured or replacement of part of the premises or dwelling of an insured that:
(a) Eliminates or significantly diminishes the condition of the premises or dwelling that gave rise to a claim; and
(b) Makes it reasonably unlikely that the same type of claim will arise again.
(5) "Repair notice" means written notice that:
(a) An insurer provides to an insured pursuant to Insurance Article, §
27-501(i)(2), Annotated Code of Maryland; and
(b) Requests the insured to make reasonable or customary repairs or replacement specific to the insured's premises or dwelling.
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