SECTION 5.5007. Inland Marine Insurance -- Commercial Credit Property Insurance

Commercial credit property insurance (non-filed). These policies provide property coverage for commercial credit transactions involving installment sales, leased property, and deferred payment contracts. The policies cover the interest of a vendor or mortgagee in property sold in a commercial transaction under an installment sales contract, or a partial or deferred payment contract, and the interest of a lessor in leased property.

(1) For purposes of this section, a commercial credit transaction is one that does not fall within the meaning of a consumer credit transaction as described in §5.5006 of this title (relating to Inland Marine Insurance -- Consumer Credit Property Insurance).

(2) Policies must include coverage while in transit.

(3) Policies may extend coverage to include vendee, mortgagor, or lessee interests. The policy may not cover beyond the termination of the vendor's, mortgagee's, or lessor's interest.

Source Note: The provisions of this §5.5007 adopted to be effective June 4, 2023, 48 TexReg 2723