Advanced Search

§27-5-7  Combination standard form. –

Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.



Fire Insurance Policies and Reserves

SECTION 27-5-7

   § 27-5-7  Combination standard form. –

Two (2) or more insurers authorized to do the business of fire insurance in

this state may, with the approval of the director of business regulation, issue

a combination standard form of fire insurance policy which shall contain the

following provisions:

   (1) A provision substantially to the effect that the insurers

executing the policy shall be severally liable for the full amount of any loss

or damage, according to the terms of the policy, or for specified percentages

or amounts of loss or damage, aggregating the full amount of the insurance

under the policy; and

   (2) A provision substantially to the effect that service of

process, or of any notice or proof of loss required by the policy, upon any of

the insurers executing the policy, shall be deemed to be service upon all of

the insurers.

History of Section.

(G.L. 1923, ch. 258, § 4; P.L. 1929, ch. 1359, § 1; G.L. 1938, ch.

154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, §