What is a statute of repose?

A statute of repose is a law in North Carolina that affects insurance claims. It sets a specific time period after which a person can no longer file an insurance claim. This time period varies depending on the kind of insurance claim and the kind of event or incident that the claim is related to. By setting a statute of repose, insurance companies are able to limit the amount of time people have to file a claim, and this helps them manage their risk. In North Carolina, the statute of repose applies to claims relating to property damage, injury, or death. The time period ranges from two years for property damage, three years for injury, and six years for death. This means that if, for example, someone has been injured in an accident, they must file a claim within three years of the date of the accident. After the statute of repose expires, the person is no longer able to make a claim against the responsible party. The statute of repose can be an important protection for insurance companies, as it ensures that they are only liable for claims filed within a reasonable amount of time. It also helps protect innocent parties from being held responsible for events or incidents that occurred too long ago to be accurately determined. Understanding the statute of repose is important for anyone looking to file an insurance claim in North Carolina.

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