E. LOUIS LOWE, ESQUIRE, GOVERNOR.
335
SEC. 9. And be it enacted,
That in case any loss
or damage by fire shall be sustained, the party sustaining
such loss, shall, within thirty days thereafter, apprise
the company thereof, and the directors of said
company shall immediately after notification thereof,
ascertain the amount of such loss, and apportion the
same rateably between the parties recently insuring, by
an assessment upon their notes and upon the interest
fund, such proportion or losses as may have been previously
incurred, and in case the damage by fire shall
exceed the amount of interest paid in, and the equitable
proportion of assessment upon the premium notes of
the parties last insuring, then the loss shall be supplied
by a rateable assessment upon all the premium notes
and cash advanced by way of premium, and in case
the whole capital shall be required to meet losses, the
same shall be forthwith collected and distributed rateably
among the insured, according to the amount of
loss by him, her or them sustained and covered by his,
her or their policy.
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Party sustaining
loss by fire
to notify company.
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SEC. 10. And be it enacted,
That all assessments made by the board of directors upon the premium
notes, shall be paid within sixty days after the assessment
thereof, and in default of payment, execution
may be issued on the judgment confessed for the
amount of the assessment, and suit brought on any
premium notes given for the insurance of personal
property, and the party so failing to pay his, her or
their assessment, shall forfeit all benefit of his, her or
their policy until such assessment be paid.
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Assessments
to be paid
within sixty
days.
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SEC. 11. And be it enacted,
That in case partial
damage may be sustained, the company may either repair
the same or pay the amount of loss when ascertained.
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Partial damage.
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SEC. 12. And be it enacted,
That in cases when the
person or persons insured shall have sold the property
covered by the policies of this company, such policies
may be transferred to the purchasers, and the original
premium notes or judgments be resumed and satisfied,
and cash advanced as premium returned; Provided,
no losses shall have been incurred by the company;
And provided, such purchaser or purchasers shall execute
his note, or confess judgment, or advance in cash,
the amount of premium required, and comply with
all the conditions imposed upon the original parties insured,
and any person insuring may at any time have
his policy cancelled, his premium note returned or
judgments entered satisfied, or cash paid in advance
as premium returned; Provided, no losses shall have
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Policies transferrable.
Provisoes.
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