Sec. 3.2. (a) As used in this chapter, "final settlement" means a determination:
(1) of the amount owed to an insured:
(A) under the building coverage part of an insurance policy issued by an insurer; and
(B) for damage to or loss of a building or other structure caused by fire or explosion; and
(2) made by any of the following means:
(A) Acceptance of a proof of loss by the insurer.
(B) Execution of a release by the named insured.
(C) Acceptance of an arbitration award by the named insured and the insurer.
(D) Judgment of a court of competent jurisdiction.
(b) The term "final settlement" does not apply to damage or loss related to contents, personal property, or another loss that is not covered under the building coverage part of an insurance policy.
As added by P.L.238-2013, SEC.3.