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S. 470
STATUS INFORMATION
General Bill
Sponsors: Senator Rankin
Document Path: l:\s-jud\bills\rankin\jud0058.lar.doc
Introduced in the Senate on February 10, 2005
Currently residing in the Senate Committee on Banking and Insurance
Summary: Commercial general liability insurance carriers required to offer products-completed coverage
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 2/10/2005 Senate Introduced and read first time SJ-7 2/10/2005 Senate Referred to Committee on Banking and Insurance SJ-7
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND CHAPTER 5, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORITY AND REQUIREMENTS TO TRANSACT THE BUSINESS OF INSURANCE, BY ADDING SECTION 38-5-210 SO AS TO REQUIRE ALL COMMERCIAL GENERAL LIABILITY INSURANCE CARRIERS TO OFFER PRODUCTS COMPLETED OPERATIONS COVERAGE; TO AMEND SECTION 38-1-20, RELATING TO THE INSURANCE TITLE AND DEFINITIONS, SO AS TO DEFINE "OCCURRENCE" AS USED IN A COMMERCIAL LIABILITY POLICY; AND TO AMEND CHAPTER 11, TITLE 40, RELATING TO CONTRACTORS, BY ADDING SECTION 40-11-425 SO AS TO REQUIRE CONTRACTORS PERFORMING CERTAIN WORK TO MAINTAIN COMMERCIAL GENERAL LIABILITY INSURANCE INCLUDING PRODUCTS-COMPLETED OPERATIONS COVERAGE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 5, Title 38 of the 1976 Code is amended by adding:
"Section 38-5-210. All insurance carriers offering commercial general liability insurance in the State of South Carolina must offer products-completed operations coverage."
SECTION 2. Section 38-1-20 of the 1976 Code is amended to by adding an appropriately numbered subsection to read:
"( ) `Occurrence' as used in a commercial liability policy means any work performed by or on behalf of a named insured resulting in unintended or unexpected damage to person(s) or property, including continuous or repeated exposure to substantially the same harmful conditions, for which the insured may be liable."
SECTION 3. Chapter 11, Title 40 of the 1976 Code is amended by adding:
"Section 40-11-425. Any contractor performing work in this State where the cost of any single project equals or exceeds one hundred thousand dollars must maintain commercial general liability insurance including products completed operations coverage."
SECTION 4. The repeal or amendment by this act of any law, whether temporary or permanent or civil or criminal, does not affect pending actions, rights, duties, or liabilities founded thereon, or alter, discharge, release or extinguish any penalty, forfeiture, or liability incurred under the repealed or amended law, unless the repealed or amended provision shall so expressly provide. After the effective date of this act, all laws repealed or amended by this act must be taken and treated as remaining in full force and effect for the purpose of sustaining any pending or vested right, civil action, special proceeding, criminal prosecution, or appeal existing as of the effective date of this act, and for the enforcement of rights, duties, penalties, forfeitures, and liabilities as they stood under the repealed or amended laws.
SECTION 5. This act takes effect upon approval by the Governor.
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