The national basics guides cover the core P&C concepts: insurable interest, indemnity, negligence, actual cash value and replacement cost, and policy conditions. This guide collects the Wyoming rules that apply across property and casualty lines:

• the comparative fault rule
• insurable interest
• cancellation, nonrenewal and renewal under Wyo. Stat. 26-35
• binders
• claim payment
• the guaranty association

Auto rules are in the Wyoming Personal Auto Policy guide. Surplus lines is in the Wyoming Other Casualty guide.

Comparative fault (Wyo. Stat. 1-1-109)

A claimant recovers if their fault is not more than 50% of the total fault of all actors, with damages reduced by their share. A claimant over 50% at fault recovers nothing.

Insurable interest (26-15-104)

• Property insurance is enforceable only for someone with an insurable interest at the time of the loss.
• An insurable interest is any actual, lawful and substantial economic interest in the property. It is measured by how much the insured could be harmed by the loss.
• A mortgagee or other holder of the original policy gives the owner a duplicate or memorandum of it (26-15-120).

Kinds of insurance (Title 26, ch. 5)

• Property insurance covers loss to property from any cause, plus consequential loss. It doesn't include title insurance (26-5-104).
• Casualty includes:
  • employers' liability for employee injuries
  • professional liability (malpractice)
  • boiler and machinery (26-5-106)
• Marine and transportation includes bridges and tunnels (26-5-107).
• A multiple-line insurer may write any kind of insurance except title, and generally except life and annuities (26-5-108).
• Crop insurance includes multi-peril crop and revenue protection, and is part of the property line.

Cancellation, nonrenewal and renewal (Wyo. Stat. 26-35)

The article covers all property and casualty insurance except binders. Auto policies also follow Rule Ch. 14.

Midterm cancellation (26-35-202) after the policy's first 60 days, unless it is a renewal, is allowed only for:

• nonpayment of premium
• material misrepresentation
• a substantial change in the risk
• a substantial breach of contractual duties, conditions or warranties

Other rules:

• Notices go to the insured and the agent, by hand or by mail. Mailing is proof of notice (26-35-101).
• An insurer that cancels refunds unearned premium before the cancellation (26-35-102).
• A mass midterm cancellation of a line is presumed unfair and is unlawful (26-35-103(b)).
• A guaranteed annual premium can't be raised during a multi-year policy (26-35-103(c)).
• If the insured cancels after receiving renewal terms, earned premium is figured pro rata on the old premium.
• A transfer to an affiliate from a merger or restructuring, with the same or broader coverage, needs no cancellation notice (26-35-106).

Binders (26-15-119)

• Binders may be oral or written and include the policy's usual terms.
• A binder lasts until the policy issues or 90 days, whichever is shorter, unless the Commissioner approves longer.

Claims (26-15-124 to 26-15-134)

• P&C claims are paid or rejected within 45 days after the claim and supporting bills are received. An unreasonable refusal can bring attorney fees and 10% interest.
• On written request, the insurer furnishes proof of loss forms. Doing so doesn't make it responsible for how they are filled in (26-15-126).
• Investigating a loss or negotiating a settlement doesn't waive any policy provision or defense (26-15-128).
• Suit against an insurer is brought in the county where the claim arose or where the policyholder lives (26-15-134).
• Unfair claim practices are covered in the Wyoming Insurance Regulation guide.

Wyoming Insurance Guaranty Association (26-31)

• Limits:
  • $300,000 per claim
  • unearned premium up to $7,500 per policy
  • workers compensation claims paid in full
• Not covered: life, title, surety, disability, credit, mortgage guaranty, ocean marine, and punitive damages.
• The claimant or insured must be a Wyoming resident at the time of the event, or the property must be permanently located in Wyoming.
• Claims arising within 30 days after the insolvency determination are covered.
• Payments go to the claimant or insured, not the insurer or its agent.
• Member assessments are capped at 1% of premium.

Common exam traps

• Wyoming bars recovery only when the claimant's fault is more than 50%.
• Property insurable interest is required at the time of loss.
• P&C cancellation is 10 days for nonpayment and 45 days otherwise. Nonrenewal is 45 days, or 90 for health care malpractice.
• Notices go to both the insured and the agent.
• A binder lasts up to 90 days.
• Claims are paid or denied within 45 days.
• Guaranty coverage is $300,000 per claim, with $7,500 for unearned premium.