Notice of intent prior to nonrenewal of certain policies of insurance

(1) No insurer shall refuse to renew a policy of insurance that provides coverages on commercial exposures such as general comprehensive liability, municipal liability, automobile liability and physical damage, fidelity and surety, fire and allied lines, inland marine, errors and omissions, excess liability, products liability, police liability, professional liability, or false arrest insurance unless such insurer mails by first-class mail to the named insured, at the last address shown in the insurer's records, at least forty-five days in advance a notice of the company's intention not to renew. (2) Repealed. (3) The provisions of this section shall not apply: (a) Repealed. (b) If the insured fails to pay any premium deposit required by the insurer for renewal; (c) To any policy or coverage which has been in effect less than sixty days, unless it is a renewal policy. (4) An insurer's failure to mail notice of intent shall be considered a manifestation of its willingness to renew. (5) Renewal of a policy shall not constitute a waiver or estoppel with respect to grounds for cancellation which existed before the effective date of such renewal. (6) This section shall not apply to insurance companies authorized to write surplus line insurance in Colorado. (7) This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section 10-4-1402 and rules adopted by the commissioner pursuant to that section.