(1) Any person having a claim against an insurer under any provision in any insurance policy that is also a covered claim shall exhaust first the person's right under such policy. Any amount payable on a covered claim under this part 5 is reduced by the amount recoverable under such insurance policy.
(2) Any person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured; except that, if it is a first-party claim for damage to property with a permanent location, recovery shall be sought from the association of the location of the property, and, if it is a workers' compensation claim, recovery shall be sought from the association of the residence of the claimant. A claimant or first-party insured who has received a recovery from any other guaranty association or its equivalent in an amount equal to or greater than the recovery allowed under this part 5 shall not be eligible to receive any recovery from the Colorado insurance guaranty association. In addition, any recovery under this part 5 shall be reduced by the amount of the recovery from any other insurance guaranty association or its equivalent.
Source: L. 71: p. 761, § 1. C.R.S. 1963: § 72-34-12. L. 89: (2) amended, p. 454, § 2, effective April 17. L. 90: (2) amended, p. 559, § 19, effective July 1. L. 99: (2) amended, p. 88, § 6, effective August 4. L. 2011: (1) amended, (HB 11-1041), ch. 14, p. 40, § 3, effective August 10.