3812

(1) Any person having a claim against an insurer under any provision of a policy other than a policy of an insolvent insurer, and which is also a covered claim, shall be required to first exhaust his/her rights under said policy. Any amount payable in a covered claim under this chapter shall be reduced in the amount of any recovery under said insurance policy.\n(2) Any person having a claim which may be recovered from more than one insurance guaranty association or its equivalent, shall first seek recovery from the association of the place of residence of the insured, except from [sic] if the claim is filed by an insured for damages to a property located permanently, he/she shall first seek recovery from the Association in which the property is located. Any recovery under this chapter shall be reduced by the amount of recovery obtained from any other insurance guaranty association or its equivalent.\nHistory —Ins. Code, added as § 38.120 on Aug. 17, 1991, No. 72, § 1.