{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-2701.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-2701.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-2701.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-2701.html"}],"law_id":70510,"edition_id":1,"section_id":70510,"structure_id":13727,"section_number":"38.2-2701","catch_line":"Definitions","history":"1968, c. 559, \u00a7 38.1-747; 1980, c. 156; 1982, c. 664; 1986, c. 562; 1987, c. 520; 1995, c. 119.","full_text":"As used in this chapter:\n\t\t“Basic property insurance” means insurance against direct loss to any property caused by perils defined and limited in the standard fire policy prescribed in \u00a7\u00a7 38.2-2101 through 38.2-2112, and in the extended coverage endorsement approved by the Commission pursuant to \u00a7 38.2-2117 and such additional lines of insurance and forms of coverage as may be recommended by the governing body of the residual market facility and approved by the Commission.\n\t\t“Inspection service” means any organization designated or approved by the Commission to determine the insurability and conditions of the properties for which basic property insurance is sought.\n\t\t“Net direct premiums written” means gross direct premiums written in this Commonwealth on all policies of basic property insurance and the basic property insurance component of multi-peril policies less (i) all return premiums on those policies, (ii) dividends paid or credited to policyholders, and (iii) the unused or unabsorbed portions of premium deposits.\n\t\t“Qualified property” means all real property and all tangible personal property at a fixed location in this Commonwealth, whether or not the property is subject to exposure from an external hazard located on property that is neither owned nor controlled by the prospective insured, and whether or not the property is subject to exposure from riot hazard, where the property:\n\n1\n\nIs not used for manufacturing purposes;2\n\nComplies with applicable state laws and regulations and local building codes and ordinances;3\n\nIs not commonly owned or controlled, or combinable for rating purposes, with property insured for similar coverages elsewhere; and4\n\nHas characteristics of ownership, condition or occupancy that do not violate any public policy.\n\t\t\t“Residual market facility” means any organization approved by the Commission to equitably distribute the responsibility to provide basic property insurance on qualified property among insurers licensed to write basic property insurance or other insurance containing a basic property insurance component.","order_by":null,"text":{"0":{"id":254415,"text":"As used in this chapter:\n\t\t“Basic property insurance” means insurance against direct loss to any property caused by perils defined and limited in the standard fire policy prescribed in \u00a7\u00a7 38.2-2101 through 38.2-2112, and in the extended coverage endorsement approved by the Commission pursuant to \u00a7 38.2-2117 and such additional lines of insurance and forms of coverage as may be recommended by the governing body of the residual market facility and approved by the Commission.\n\t\t“Inspection service” means any organization designated or approved by the Commission to determine the insurability and conditions of the properties for which basic property insurance is sought.\n\t\t“Net direct premiums written” means gross direct premiums written in this Commonwealth on all policies of basic property insurance and the basic property insurance component of multi-peril policies less (i) all return premiums on those policies, (ii) dividends paid or credited to policyholders, and (iii) the unused or unabsorbed portions of premium deposits.\n\t\t“Qualified property” means all real property and all tangible personal property at a fixed location in this Commonwealth, whether or not the property is subject to exposure from an external hazard located on property that is neither owned nor controlled by the prospective insured, and whether or not the property is subject to exposure from riot hazard, where the property:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":254416,"text":"Is not used for manufacturing purposes;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":254417,"text":"Complies with applicable state laws and regulations and local building codes and ordinances;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":254418,"text":"Is not commonly owned or controlled, or combinable for rating purposes, with property insured for similar coverages elsewhere; and","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":254419,"text":"Has characteristics of ownership, condition or occupancy that do not violate any public policy.\n\t\t\t“Residual market facility” means any organization approved by the Commission to equitably distribute the responsibility to provide basic property insurance on qualified property among insurers licensed to write basic property insurance or other insurance containing a basic property insurance component.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"ancestry":[{"id":13727,"edition_id":1,"name":"Basic Property Insurance Residual Market Facility and Joint Underwriting Association","identifier":"27","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:45:41","date_modified":"2026-06-26 03:45:41","permalink":{"id":214021,"object_type":"structure","relational_id":13727,"identifier":"27","token":"38.2\/27","url":"\/38.2\/27\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":76295,"structure_id":13727,"section_number":"38.2-2700","catch_line":"Purposes of chapter","url":"\/38.2-2700\/","token":"38.2\/27\/38.2-2700","metadata":false},{"id":70510,"structure_id":13727,"section_number":"38.2-2701","catch_line":"Definitions","url":"\/38.2-2701\/","token":"38.2\/27\/38.2-2701","metadata":false},{"id":73266,"structure_id":13727,"section_number":"38.2-2702","catch_line":"Establishment of residual market facility","url":"\/38.2-2702\/","token":"38.2\/27\/38.2-2702","metadata":false},{"id":54721,"structure_id":13727,"section_number":"38.2-2703","catch_line":"Rules, rates, policy forms and endorsements subject to the approval of Commission","url":"\/38.2-2703\/","token":"38.2\/27\/38.2-2703","metadata":false},{"id":57901,"structure_id":13727,"section_number":"38.2-2704","catch_line":"Inspection of property","url":"\/38.2-2704\/","token":"38.2\/27\/38.2-2704","metadata":false},{"id":71280,"structure_id":13727,"section_number":"38.2-2705","catch_line":"Operation of inspection service","url":"\/38.2-2705\/","token":"38.2\/27\/38.2-2705","metadata":false},{"id":66385,"structure_id":13727,"section_number":"38.2-2706","catch_line":"Service of process","url":"\/38.2-2706\/","token":"38.2\/27\/38.2-2706","metadata":false},{"id":58816,"structure_id":13727,"section_number":"38.2-2707","catch_line":"When Commission may order implementation of \u00a7\u00a7 38.2-2708 and 38.2-2709","url":"\/38.2-2707\/","token":"38.2\/27\/38.2-2707","metadata":false},{"id":85005,"structure_id":13727,"section_number":"38.2-2708","catch_line":"Creation and plan of operation of joint underwriting association","url":"\/38.2-2708\/","token":"38.2\/27\/38.2-2708","metadata":false},{"id":81180,"structure_id":13727,"section_number":"38.2-2709","catch_line":"Ceding basic property insurance to association; participation of members; governing body","url":"\/38.2-2709\/","token":"38.2\/27\/38.2-2709","metadata":false},{"id":80031,"structure_id":13727,"section_number":"38.2-2710","catch_line":"Supervision and regulation by Commission","url":"\/38.2-2710\/","token":"38.2\/27\/38.2-2710","metadata":false},{"id":71397,"structure_id":13727,"section_number":"38.2-2711","catch_line":"Immunity from liability; reports, etc., not public documents","url":"\/38.2-2711\/","token":"38.2\/27\/38.2-2711","metadata":false},{"id":60783,"structure_id":13727,"section_number":"38.2-2712","catch_line":"Appeal from decision of inspection service, residual market facility or joint underwriting association","url":"\/38.2-2712\/","token":"38.2\/27\/38.2-2712","metadata":false},{"id":81221,"structure_id":13727,"section_number":"38.2-2713","catch_line":"Obligations not to be impaired in event of repeal of chapter","url":"\/38.2-2713\/","token":"38.2\/27\/38.2-2713","metadata":false}],"previous_section":{"id":76295,"structure_id":13727,"section_number":"38.2-2700","catch_line":"Purposes of chapter","url":"\/38.2-2700\/","token":"38.2\/27\/38.2-2700","metadata":false},"next_section":{"id":73266,"structure_id":13727,"section_number":"38.2-2702","catch_line":"Establishment of residual market facility","url":"\/38.2-2702\/","token":"38.2\/27\/38.2-2702","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-2701\/","history_text":"

This law was first created in 1968. The record of its establishment is cataloged in chapter 559 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1968 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1980, chapter 156; in 1982, chapter 664; in 1986, chapter 562; in 1987, chapter 520; in 1995, chapter 119<\/a>.<\/p>","references":false,"refers_to":[{"id":77806,"section_number":"38.2-2101","catch_line":"Policies shall conform to provisions of this chapter","order_by":null,"url":"\/38.2-2101\/"},{"id":75728,"section_number":"38.2-2112","catch_line":"Temporary insurance contracts; duration; what deemed to include","order_by":null,"url":"\/38.2-2112\/"},{"id":66578,"section_number":"38.2-2117","catch_line":"Approval of forms or provisions for additional coverage","order_by":null,"url":"\/38.2-2117\/"}],"permalink":{"id":214027,"object_type":"law","relational_id":70510,"identifier":"38.2-2701","token":"38.2\/27\/38.2-2701","url":"\/38.2-2701\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-2701\/","token":"38.2\/27\/38.2-2701","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2701","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter:\n\t\t“Basic property insurance<\/span>” means insurance against direct loss to any property caused by perils defined and limited in the standard fire policy prescribed in \u00a7\u00a7 38.2-2101<\/a> through 38.2-2112<\/a>, and in the extended coverage endorsement approved by the Commission<\/span> pursuant to \u00a7 38.2-2117<\/a> and such additional lines of insurance and forms of coverage as may be recommended by the governing body of the residual market facility<\/span> and approved by the Commission<\/span>.\n\t\t“Inspection service<\/span>” means any organization designated or approved by the Commission<\/span> to determine the insurability and conditions of the properties for which basic property insurance<\/span> is sought.\n\t\t“Net direct premiums written<\/span>” means gross direct premiums written in this Commonwealth on all policies of basic property insurance<\/span> and the basic property insurance<\/span> component of multi-peril policies less (i) all return premiums on those policies, (ii) dividends paid or credited to policyholders, and (iii) the unused or unabsorbed portions of premium deposits.\n\t\t“Qualified property<\/span>” means all real property and all tangible personal property at a fixed location in this Commonwealth, whether or not the property is subject to exposure from an external hazard located on property that is neither owned nor controlled by the prospective insured, and whether or not the property is subject to exposure from riot hazard, where the property:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is not used for manufacturing purposes; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Complies with applicable state<\/span> laws<\/span> and regulations and local building codes and ordinances<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Is not commonly owned or controlled, or combinable for rating purposes, with property insured for similar coverages elsewhere; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Has characteristics of ownership, condition or occupancy that do not violate any public policy.\n\t\t\t“Residual market facility<\/span>” means any organization approved by the Commission<\/span> to equitably distribute the responsibility to provide basic property insurance<\/span> on qualified property<\/span> among insurers<\/span> licensed to write basic property insurance<\/span> or other insurance containing a basic property insurance<\/span> component. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-2701)\n\nAs used in this chapter:\n\t\t“Basic property insurance” means insurance against direct loss to\nany property caused by perils defined and limited in the standard fire policy\nprescribed in \u00a7\u00a7 38.2-2101 through 38.2-2112, and in the extended coverage\nendorsement approved by the Commission pursuant to \u00a7 38.2-2117 and such\nadditional lines of insurance and forms of coverage as may be recommended by the\ngoverning body of the residual market facility and approved by the Commission.\n\t\t“Inspection service” means any organization designated or approved\nby the Commission to determine the insurability and conditions of the properties\nfor which basic property insurance is sought.\n\t\t“Net direct premiums written” means gross direct premiums written\nin this Commonwealth on all policies of basic property insurance and the basic\nproperty insurance component of multi-peril policies less (i) all return\npremiums on those policies, (ii) dividends paid or credited to policyholders,\nand (iii) the unused or unabsorbed portions of premium deposits.\n\t\t“Qualified property” means all real property and all tangible\npersonal property at a fixed location in this Commonwealth, whether or not the\nproperty is subject to exposure from an external hazard located on property that\nis neither owned nor controlled by the prospective insured, and whether or not\nthe property is subject to exposure from riot hazard, where the property:\n\n1. Is not used for manufacturing purposes;\n\n2. Complies with applicable state laws and regulations and local building codes\nand ordinances;\n\n3. Is not commonly owned or controlled, or combinable for rating purposes, with\nproperty insured for similar coverages elsewhere; and\n\n4. Has characteristics of ownership, condition or occupancy that do not violate\nany public policy.\n\t\t\t“Residual market facility” means any organization approved by the\nCommission to equitably distribute the responsibility to provide basic property\ninsurance on qualified property among insurers licensed to write basic property\ninsurance or other insurance containing a basic property insurance component.\n\nHISTORY: 1968, c. 559, \u00a7 38.1-747; 1980, c. 156; 1982, c. 664; 1986, c. 562;\n1987, c. 520; 1995, c. 119.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}