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Title 26 Insurance Code

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Change 1

What to do with it
As published

26-23-109. Insurance coverage for real property subject to transfer on death deeds.

(a) For transfers on and after July 1, 2023, upon transfer of title to an interest in real property after the death of the owner pursuant to a transfer on death deed under W.S. 2-18-103, any insurance coverage on the property transferred shall be extended to cover losses to the property as if the grantee beneficiary designated in the transfer on death deed was a named insured. (b) The extension of insurance coverage to the grantee beneficiary shall continue for sixty (60) days after the transfer of title under subsection (a) of this section. (c) Not later than sixty (60) days after the transfer of title under subsection (a) of this section, each grantee beneficiary shall notify the insurer of a transfer in title under this section and shall provide a current address for the insurer to contact the grantee beneficiary. Failure to provide notice as required under this subsection shall not negate the extended insurance coverage required under this section. (d) Not less than twenty (20) business days before the end of the period specified in subsection (b) of this section and if the grantee beneficiary has provided the notice required under subsection (c) of this section, the insurer shall send notice in writing to the grantee beneficiary who has received title to the interest in real property under W.S. 2-18-103 stating that insurance coverage for the property will terminate on the date specified in subsection (b) of this section. Any notice sent to a grantee under this subsection shall include the exact date on which coverage for the grantee will cease.

Your change, as a redline

26-23-109. Insurance coverage for real property subject to transfer on death deeds.

(a) For transfers on and after July 1, 2023, upon transfer of title to an interest in real property after the death of the owner pursuant to a transfer on death deed under W.S. 2-18-103, any insurance coverage on the property transferred shall be extended to cover losses to the property as if the grantee beneficiary designated in the transfer on death deed was a named insured. (b) The extension of insurance coverage to the grantee beneficiary shall continue for sixty (60) days after the transfer of title under subsection (a) of this section. (c) Not later than sixty (60) days after the transfer of title under subsection (a) of this section, each grantee beneficiary shall notify the insurer of a transfer in title under this section and shall provide a current address for the insurer to contact the grantee beneficiary. Failure to provide notice as required under this subsection shall not negate the extended insurance coverage required under this section. (d) Not less than twenty (20) business days before the end of the period specified in subsection (b) of this section and if the grantee beneficiary has provided the notice required under subsection (c) of this section, the insurer shall send notice in writing to the grantee beneficiary who has received title to the interest in real property under W.S. 2-18-103 stating that insurance coverage for the property will terminate on the date specified in subsection (b) of this section. Any notice sent to a grantee under this subsection shall include the exact date on which coverage for the grantee will cease.

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