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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 101 : INSURANCE COMPANIES GENERALLY

Subchapter 009 : Property and Casualty Insurance Guaranty Association

(Cite as: 8 V.S.A. § 3619)
  • § 3619. Nonduplication of recovery

    (a) Any person having a claim against an insurer under any provision in an insurance policy other than policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his or her right under such policy. Any amount payable on a covered claim under this subchapter shall be reduced by the amount of any recovery under such insurance policy.

    (b) Any person having a claim which may be recovered from more than one insurance guaranty association or its equivalent shall seek recovery first from the Association of the place of residence of the insured except that if it is a first party claim for damage to property with a permanent location, he or she shall seek recovery first from the association of the location of the property, and if it is a workers' compensation claim, he or she shall seek recovery first from the association of the residence of the claimant. Any recovery under this subchapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent. (Added 1969, No. 279 (Adj. Sess.), § 11; amended 1979, No. 18, § 16; 1981, No. 165 (Adj. Sess.), § 1.)