Louisiana Revised Statutes Tit. 22, § 1267.1. Commercial insurance deductibles applied to named storm, hurricane, and wind and hail deductibles

A. For purposes of this Section:

B. For all commercial property insurance policies and commercial multi-peril insurance policies issued or issued for delivery in this state by an authorized insurer on or after January 1, 2023, except for policies with a total insured value equal to or greater than twenty million dollars, any separate deductible that applies in place of any other deductible to direct physical loss or damage resulting from a named storm or hurricane shall be applied on an annual basis to all named storm or hurricane losses that are subject to the separate deductible during the calendar year.

C. If an insured suffers direct physical loss or damage resulting from more than one named storm or hurricane during a calendar year that is subject to the separate deductible provided in Subsection B of this Section, the insurer may apply a deductible to any succeeding named storm or hurricane that is equal to the remaining amount of the separate deductible or the amount of the deductible that applies to all perils other than a named storm or hurricane, whichever is greater. Insurers may require commercial policyholders to maintain receipts or other records of any losses in order to apply any losses to subsequent named storm or hurricane claims.

D. If an insured pays a named storm or hurricane deductible for a covered loss as provided in this Section, but changes insurance companies during the calendar year for the previously claimed property or renews a policy which includes a deductible of a different amount, the insured is subject to a new named storm or hurricane deductible under the new or renewed insurance policy for that same property if the new policy includes such a deductible.

E. This Section shall apply only to property located in this state.