518C.10 Nonduplication of recovery. 1. A person having a claim under another policy, which claim arises out of the same facts which give rise to a covered claim, is first required to exhaust the person’s rights under theother policy. An amount recovered or recoverable by a person under another insurance policyshall be credited against the liability of the association under section 518C.6, subsection 1,paragraph 'a'. For purposes of this section, 'another insurance policy' means a policy issuedby an insurance company, whether a member insurer or not, which policy insures againstany of the types of risks insured by an insurance company authorized to transact insurancebusiness under chapter 518 or 518A, or comparable statutes of another state, except thosetypes of risks set forth in chapters 508 and 514. 2. A person having a claim which may be recovered under more than one insurance guaranty association or an equivalent entity shall seek recovery first from the association ofthe place of residence of the insured. However, if the claim is a first-party claim for damageto property with a permanent location, recovery shall be first sought from the associationor equivalent entity of the residence of the insured. However, if the claim is a first-party claim for damageto property with a permanent location, recovery shall be first sought from the associationor equivalent entity of the state in which the property is permanently located. An amountrecovered from any other guaranty association or equivalent entity shall be subtracted fromthe maximum liability of the Iowa county and state mutual insurance guaranty associationunder section 518C.6, subsection 1, paragraph 'a'. 2000 Acts, ch 1035, §10 Sat Dec 23 00:51:35 2023 Iowa Code 2024, Section 518C.10 (16, 0)
Iowa Legal Code