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.
S.C. Code Ann. § 37-4-302
Insurance on creditor's interest only
Known as the South Carolina Consumer Protection Code
The act spans §§ 37–37 (347 sections).
1962 Code SECTION 8-800.322; 1974 (58) 2879.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.