31A-21-308 - Limitations on loss to be borne by insurer. - Utah Statutes

31A-21-308. Limitations on loss to be borne by insurer.
(1) An insurance policy indemnifying an insured against loss may by clear language limitthe part of the loss to be paid by the insurer to a specified or determinable maximum amount, toloss in excess of a specified or determinable amount, to a specified proportion of the loss whichmay vary with the amount of the loss, or to any combination of these methods. If the policycovers various risks, different limitations may be provided separately for each risk, if the policyclearly states that.
(2) A policy indemnifying an insured against loss of or damage to property may limit thepart of the loss to be paid by the insurer to a percentage of the total loss that corresponds to theratio of the insured sum to a specified percentage of the value of the insured property.

Enacted by Chapter 242, 1985 General Session