Clarifying commercial real property insurance policies

SB 661 clarifies that commercial and industrial property insurance policies in West Virginia can be written for any agreed-upon amount between the insurer and property owner, even if that amount is less than the property's replacement cost. This directly affects commercial property owners and insurers by removing ambiguity about policy limits. The bill specifies that policies may be based on Replacement Cost Value (repair/replacement cost without depreciation), Actual Cost Value (depreciated cost), market value, or any other mutually agreed amount. It amends existing law to explicitly state that insurers are not required to cover full replacement costs, allowing flexibility in policy terms.