Definitions applicable to property insurance escrow.

In ss. 632.10 to 632.104 :

(1) “Building and safety standards” means the requirements of chs. 101 and 145 and of any rule promulgated by the department of safety and professional services under ch. 101 or 145 , and standards of a 1st class city relating to the health and safety of occupants of buildings.

(2) “Deliver” means delivery in person, or delivery by deposit with the U.S. postal service of certified or 1st class mail addressed to the recipient at the recipient’s last-known address.

(3) “Final settlement” means the amount that an insurer owes under a property insurance policy to the named insured and other interests named in the policy for loss to any insured building or other structure affixed to land that is caused by fire or explosion, excluding any amount payable for loss to contents or other personal property, for loss of use or business interruption and any amount payable under liability coverage under the policy, and that is determined by any of the following means:

(a) Acceptance of a proof of loss by the insurer.

(b) Execution of a release by the named insured.

(c) Acceptance of an arbitration award by the insurer and named insured.

(d) Judgment of a court of competent jurisdiction.

History: 1989 a. 347 ; 1995 a. 27 ss. 7041 , 9116 (5) ; 2011 a. 32 .