New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 13 - PROPERTY INSURANCE
Part 3 - THE NEW MEXICO FAIR PLAN
Section 13.13.3.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Actual cash value" means replacement cost minus depreciation.
B. "Essential property insurance" means any policy of insurance which contains insurance against direct loss to real and tangible personal property at a fixed location as defined and limited in the standard fire policy and extended coverage endorsement and vandalism or malicious mischief endorsement (including builders risk coverage) approved by the superintendent. Essential property insurance does not include automobile risks, farm risks, or manufacturing risks.
C. "Extended coverage" means coverage for a package of perils insured on an optional basis, including: windstorm, hail, smoke, explosion, riot or civil commotion, aircraft damage, vehicle damage, and volcanic eruption. The package of perils included in extended coverage may change by custom or order of the superintendent.
D. "Fire" means a rapid oxidation with a flame or glow that is hostile, or goes beyond intended confines.
E. "Manufacturing risks" means all properties used for the fabrication, processing, or assembly of products or components of products, each of which:
F. "Replacement cost" means the cost to repair or replace damaged property.
G. "Vandalism or malicious mischief" means the willful and malicious damage or destruction of property.
