85th Texas Legislature, Regular Session, House Bill 1774, Chapter 151 Page: 2 of 16
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H.B. No. 1774
1 in compliance with this subchapter, the insurer is liable to pay the
2 holder of the policy, in addition to the amount of the claim, simple
3 interest on the amount of the claim as damages each year at the rate
4 determined on the date of judgment by adding five percent to the
5 interest rate determined under Section 304.003, Finance Code,
6 together with reasonable and necessary attorney's fees. Nothing in
7 this subsection prevents the award of prejudgment interest on the
8 amount of the claim, as provided by law. Interest awarded under
9 this subsection as damages accrues beginning on the date the claim
10 was required to be paid.
11 SECTION 3. Subtitle C, Title 5, Insurance Code, is amended
12 by adding Chapter 542A to read as follows:
13 CHAPTER 542A. CERTAIN CONSUMER ACTIONS RELATED TO CLAIMS FOR
14 PROPERTY DAMAGE
15 Sec. 542A.001. DEFINITIONS. In this chapter:
16 (1) "Agent" means an employee, agent, representative,
17 or adjuster who performs any act on behalf of an insurer.
18 (2) "Claim" means a first-party claim that:
19 (A) is made by an insured under an insurance
20 policy providing coverage for real property or improvements to real
21 property;
22 (B) must be paid by the insurer directly to the
23 insured; and
24 (C) arises from damage to or loss of covered
25 property caused, wholly or partly, by forces of nature, including
26 an earthquake or earth tremor, a wildfire, a flood, a tornado,
27 lightning, a hurricane, hail, wind, a snowstorm, or a rainstorm.2
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Texas. Legislature. House of Representatives. 85th Texas Legislature, Regular Session, House Bill 1774, Chapter 151, legislative document, May 26, 2017; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1050483/m1/2/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.