TITLE 27
Insurance
CHAPTER 27-5
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, §
27-5-7.)
