If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not wilfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor. HISTORY: 1962 Code Section 8-800.322; 1974 (58) 2879.
South Carolina Legal Code