Current Status Introducing Body:Senate Bill Number:973 Primary Sponsor:Saleeby Committee Number:02 Type of Legislation:GB Subject:Ocean marine insurance Residing Body:Senate Current Committee:Banking and Insurance Computer Document Number:BBM/10788JM.94 Introduced Date:19940111 Last History Body:Senate Last History Date:19940111 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Saleeby Land McConnell Courtney Rankin Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 973 Senate 19940111 Introduced, read first time, 02 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 38-31-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF CHAPTER 31 OF TITLE 38 DEALING WITH THE SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION, SO AS TO DEFINE "OCEAN MARINE INSURANCE" (AN AREA TO WHICH THE CHAPTER DOES NOT APPLY).
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-31-30(8) of the 1976 Code is amended to read:
"(8) ocean marine insurance; ocean marine insurance includes marine insurance as defined in Section 38-1-20(28), except for inland marine, and includes any other form of insurance, regardless of the name, label, or marketing designation of the insurance policy, which insures against maritime perils or risks and other related perils or risks, which are usually insured against by traditional marine insurance, such as hull and machinery, marine builders risk, and marine protection and indemnity. Such perils and risk insured against include without limitation loss, damage, or expense or legal liability of the insured for loss, damage, or expense arising out of or incident to ownership, operation, chartering, maintenance, use, repair, or construction of any vessel, craft, or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness, or death or for loss or damage to the property of the insured or another person;".
SECTION 2. This act takes effect upon approval by the Governor.