C.R.S. Section 10-4-112
Property damage

  • time of payment

(1)

After an insurer has issued a draft or check to a loss payee and the insured under the terms of a property damage policy for the repair of property damage to a one- to four-family dwelling unit or an owner-operated commercial property when the mortgage or deed of trust secures a debt not in excess of two hundred thousand dollars, such draft or check, if satisfactory in an amount to the insured, shall be properly endorsed by the insured in favor of the loss payee and delivered to the loss payee.

(2)

If the draft or check is for the full amount of the loss and is in an amount of one thousand dollars or less, the loss payee shall return the draft or check, properly endorsed, to the insured within ten days after the date of its receipt by the loss payee, unless the evidence of the debt or the instrument given as security for the debt is in default.

(3)

If the draft or check is in an amount in excess of one thousand dollars, or is a partial payment on a loss in an amount in excess of one thousand dollars, the loss payee shall either:

(a)

Send the draft or check, properly endorsed, to the insured within ten days after the date of its receipt by the loss payee;

(b)

Process the draft or check for collection or deposit, except as provided in paragraph (c) of this subsection (3). Any loss payee holding funds under this paragraph (b), upon its approval of contracts or plans for the completion of repairs, shall make reasonable advances or progress payments as appropriate to be applied to the completion of repairs and shall be entitled to require appropriate lien waivers and to inspect the repairs during the progress of the repairs. The loss payee shall be entitled to retain up to fifteen percent of the amount of the draft or check as retainage until completion and inspection, satisfactory to the insured, of the work.

(c)

Process the draft or check for collection or deposit. Any loss payee holding funds under this paragraph (c) shall hold such funds for the payment of the cost of repairs unless any one of the following circumstances is present:

(I)

The evidence of the debt or the instrument given as security for the debt is in default. If the default is a result of failure to make payments in a timely manner as required by the evidence of debt or the instrument securing the debt, the loss payee may apply an amount of such proceeds sufficient to cure the default, including taxes, penalties, and late charges, and hold the balance for the cost of repairs, pursuant to paragraph (b) of this subsection (3).

(II)

The restoration of the property would violate local, state, or federal laws or regulations;

(III)

The property cannot reasonably be restored to its condition prior to the loss at a cost of not to exceed the amount of the draft, reduced by an amount applied to cure a default pursuant to subparagraph (I) of this paragraph (c).

(d)

Advise the insurer and insured that it is not satisfied with the amount of the draft or check and pursue a claim for the loss under the terms of the policy. Upon such notification the insured shall not be precluded from pursuing, either singly or jointly with the loss payee, a claim for the loss under the terms of the policy.

(4)

Neither approval of contracts, plans for the completion of repairs, nor inspection of the work shall make the loss payee liable to any person for any improper, negligent, or unsatisfactory repairs.

Source: Section 10-4-112 — Property damage - time of payment, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-10.­pdf (accessed Oct. 20, 2023).

10‑4‑101
Legislative declaration
10‑4‑102
Federal “voluntary fair access to insurance required, property insurance program” - state qualification
10‑4‑103
Voluntary partial payment of liability claims without admission of liability
10‑4‑104
Competency of minor to contract for insurance - nonavoidance
10‑4‑105
Valuation of bonds and policies other than life
10‑4‑106
Assigned risks
10‑4‑106.5
Medical malpractice insurers - requirement to provide information to the department of public health and environment
10‑4‑107
Cancellation of medical malpractice policies
10‑4‑108
Notice
10‑4‑109
Nonrenewal of medical malpractice policies
10‑4‑109.5
Notice of intent prior to unilateral increase in premium or decrease in coverage previously provided in medical malpractice policies
10‑4‑109.6
Medical malpractice insurers - protections relating to reproductive health care - definition
10‑4‑109.7
Notice of intent prior to cancellation of certain policies of insurance
10‑4‑110
Notice of intent prior to nonrenewal of certain policies of insurance
10‑4‑110.3
Exclusions where claim involves sexual misconduct - void
10‑4‑110.4
Exclusion - claims involving loss in progress not known to insured
10‑4‑110.5
Notice of intent prior to unilateral increase in premium or decrease in coverage previously provided in certain policies of insurance
10‑4‑110.6
Homeowner’s insurance - definition
10‑4‑110.7
Cancellation or nonrenewal - homeowner’s insurance policies
10‑4‑110.8
Homeowner’s insurance - prohibited and required practices - estimates of replacement value - additional living expense coverage - copies of policies - personal property contents coverage - inventory of personal property - requirements concerning total loss scenarios resulting from wildlife disasters - definitions - rules
10‑4‑110.9
Fire insurance - issuance and renewal of policies within federally designated disaster areas
10‑4‑111
Summary disclosure forms required
10‑4‑112
Property damage - time of payment
10‑4‑113
Exemptions
10‑4‑114
Requirements on hazard insurance coverage for loans secured by real property
10‑4‑115
Private utilization review
10‑4‑116
Use of credit information
10‑4‑117
Loss history information report - notice to insured - definition
10‑4‑118
Severability
10‑4‑119
Monthly and electronic payment of premiums
10‑4‑120
Unfair or discriminatory trade practices - legislative declaration
10‑4‑121
Authority of insurer to protect policyholders’ property - emergency
10‑4‑301
Bond executed by surety company
10‑4‑302
Release of surety - other security
10‑4‑303
Application for release of surety - refund
10‑4‑304
Place of deposit
10‑4‑305
Bond part of expense
10‑4‑401
Purpose - applicability
10‑4‑402
Definitions
10‑4‑403
Standards for rates - competition - procedure - requirement for independent actuarial opinions regarding 1991 legislation
10‑4‑404
Rate administration
10‑4‑404.5
Rating plans - property and casualty type II insurers - rules
10‑4‑405
Filing of rating information - certain coverages
10‑4‑406
Review of filings - certain coverages
10‑4‑407
Hearings
10‑4‑408
Rating organization - study of workers’ compensation rates - premium reductions - adoption of rules
10‑4‑409
Rates furnished - cooperation among organizations
10‑4‑410
Advisory organizations
10‑4‑411
Joint underwriting
10‑4‑412
Assigned risk motor vehicle insurance
10‑4‑413
Records required to be maintained
10‑4‑414
Examinations
10‑4‑415
Prohibition against anticompetitive behavior
10‑4‑416
Prohibiting changes in rates or coverages
10‑4‑417
False or misleading information
10‑4‑418
Enforcement procedures - penalties
10‑4‑419
Claims-made policy forms
10‑4‑419.5
Workers’ compensation form certification
10‑4‑420
Risk management procedures
10‑4‑421
Notice of rate increases and decreases
10‑4‑501
Short title
10‑4‑502
Legislative declaration
10‑4‑503
Definitions
10‑4‑504
Scope
10‑4‑505
Construction
10‑4‑506
Colorado insurance guaranty association
10‑4‑507
Board of directors
10‑4‑508
Powers and duties of association
10‑4‑508.5
Aggregate liability of association
10‑4‑509
Plan of operation
10‑4‑510
Duties and powers of commissioner
10‑4‑511
Effect of paid claims
10‑4‑512
Nonduplication of recovery
10‑4‑513
Prevention of insolvencies
10‑4‑514
Examination of association
10‑4‑515
Tax exemption
10‑4‑516
Recognition of assessments in rates
10‑4‑517
Immunity
10‑4‑518
Stay of proceedings
10‑4‑519
Termination - distribution of funds
10‑4‑520
Advertising
10‑4‑601
Definitions
10‑4‑601.5
Administrative authority
10‑4‑602
Basis for cancellation
10‑4‑603
Notice
10‑4‑604
Nonrenewal
10‑4‑604.5
Issuance or renewal of insurance policies - proof of insurance provided by certificate, card, or other media
10‑4‑605
Proof of notice
10‑4‑606
Further notice
10‑4‑607
Immunity
10‑4‑608
Exemptions
10‑4‑609
Insurance protection against uninsured motorists - applicability
10‑4‑610
Property damage protection against uninsured motorists
10‑4‑611
Elimination of discounts - damage by uninsured motorist
10‑4‑613
Glass repair and replacement
10‑4‑614
Inflatable restraint systems - replacement - verification of claims - definition
10‑4‑615
Motorist insurance identification database program - reporting required - fine
10‑4‑616
Disclosure of credit reports
10‑4‑617
Insurers - biannual fee - auto theft prevention authority
10‑4‑619
Coverage compulsory
10‑4‑620
Required coverage
10‑4‑621
Required coverages are minimum
10‑4‑622
Required provision for intrastate and interstate operation
10‑4‑623
Conditions and exclusions
10‑4‑624
Self-insurers
10‑4‑625
Premium payments
10‑4‑626
Prohibited reasons for nonrenewal or refusal to write policy of automobile insurance applicable to this part 6
10‑4‑627
Discriminatory standards - premiums - surcharges - proof of financial responsibility requirements
10‑4‑628
Refusal to write - changes in - cancellation - nonrenewal of policies prohibited
10‑4‑629
Cancellation - renewal - reclassification
10‑4‑630
Exclusion of named driver
10‑4‑632
Reduction in rates for drivers aged fifty-five years or older who complete driver’s education course - legislative declaration
10‑4‑633
Certification of policy and notice forms
10‑4‑633.5
Automobile insurance policies - plain language required - rules
10‑4‑634
Assignment of payment for covered benefits
10‑4‑635
Medical payments coverage - exceptions - definitions
10‑4‑636
Disclosure requirements for automobile insurance products offered - rules
10‑4‑637
No discrimination by profession
10‑4‑638
Retroactive adjustment of health-care service claims
10‑4‑639
Claims practices for property damage
10‑4‑640
Operator’s policy of insurance
10‑4‑641
Rules - medical payments coverage
10‑4‑642
Prompt payment of direct benefits - legislative declaration - definitions
10‑4‑643
Electronic claim forms - rules
10‑4‑1001
Short title
10‑4‑1002
Definitions
10‑4‑1003
Disclosure of information
10‑4‑1004
Evidence - confidential
10‑4‑1005
Immunity
10‑4‑1006
Enforcement
10‑4‑1007
Penalty
10‑4‑1008
Municipal ordinances - concurrent jurisdiction - common law
10‑4‑1009
Continuing duties of insurers - unfair claim settlement practices
10‑4‑1201
Definitions
10‑4‑1202
Minimum standards
10‑4‑1203
Disclosure
10‑4‑1204
Penalties
10‑4‑1205
Applicability
10‑4‑1206
Effective date
10‑4‑1301
Legislative declaration
10‑4‑1302
Definitions
10‑4‑1303
Temporary joint underwriting association
10‑4‑1304
Board of directors - authority
10‑4‑1305
Plan of operation - annual certification
10‑4‑1306
Deficits - assessment - rebate of surplus
10‑4‑1307
Annual statements
10‑4‑1308
Examinations
10‑4‑1309
Legislative declaration - authority of commissioner - emergency rules - judicial review
10‑4‑1310
Privileged communications
10‑4‑1311
Tax exemption
10‑4‑1401
Legislative declaration
10‑4‑1402
Rules
10‑4‑1403
Exemption from rate filing, approval, and form certification requirements
10‑4‑1404
Multistate insurance risks - choice of law
10‑4‑1501
Definitions
10‑4‑1502
Licensure of vendors
10‑4‑1503
Requirements for sale of portable electronics insurance
10‑4‑1504
Authority of vendors of portable electronics
10‑4‑1505
Suspension or revocation of license
10‑4‑1506
Termination of portable electronics insurance
10‑4‑1507
Application for license - fees
10‑4‑1601
Definitions
10‑4‑1602
Exemptions
10‑4‑1603
Requirements for sale of consumer goods service contracts - definitions
10‑4‑1604
Obligations of reimbursement insurance companies
10‑4‑1605
Required disclosures - reimbursement insurance policy
10‑4‑1606
Required disclosures - service contracts
10‑4‑1607
Prohibited acts
10‑4‑1608
Required record keeping
10‑4‑1609
Enforcement provisions - rules
10‑4‑1701
Definitions
10‑4‑1702
Authority to issue license
10‑4‑1703
License - application - restrictions
10‑4‑1704
Disclosures to occupant
10‑4‑1705
Supervision of issuance - training
10‑4‑1706
Compensation
10‑4‑1707
Exemption from requirements
10‑4‑1708
Notification
10‑4‑1709
Enforcement
10‑4‑1801
Short title
10‑4‑1802
Legislative declaration
10‑4‑1803
Definitions
10‑4‑1804
Fair access to insurance requirements plan association - creation - participation required
10‑4‑1805
Fair access to insurance requirements plan association - board of directors - membership - duties
10‑4‑1806
FAIR plan - plan requirements - insurer requirements
10‑4‑1807
Plan of operation - mandatory components - amendments - revocation by commissioner - rules
10‑4‑1808
FAIR plans - requirements for licensed producers
10‑4‑1809
Assessment of fees
10‑4‑1810
Enforcement - suspension or revocation of certificate of authority - fines
10‑4‑1811
Appeals - judicial review
10‑4‑1812
Rules
Green check means up to date. Up to date

Current through Fall 2024

§ 10-4-112’s source at colorado​.gov