E. LOUIS LOWE, ESQUIRE, GOVERNOR.
469
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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SEC. 11. And
be it enacted, That in case any disagreement
shall arise between the directors and the party
insured, in reference to the amount of his, her or their loss
or damage, the matter in dispute may be referred, with
the consent of parties, to arbitration, on arbitrator to be
chosen by the company, the other by the parties insured,
and in case of disagreement between the arbitrators,
an umpire shall be chosen, and all the losses incurred
by the insured, shall be paid within ninety days after
notification thereof to the board of directors or sooner if
funds can be collected.
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Cases of disagreement.
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SEC. 12. 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. 13. 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 returned and
satisfied, and cash advanced as premium returned;
Provided, no losses shall have been incurred by the
company, so as to require an assessment upon his, her,
or their premium note, judgment or cash advanced as
premium, for the payment of the same; And provided,
such purchaser or purchasers shall execute his, her or
their note, confess judgment, or advance, in cash, the
amount of premium required, and complies with the
conditions imposed upon all the original parties insured,
and any person or persons wishing to discontinue his,
her, or their insurance, may at any time withdraw the
same, and have his, her, or their policy cancelled, and
premium note returned, judgment entered satisfied, or
cash paid in advance refunded, deducting from said
note, judgment or cash, any assessment that may be
made upon the same, by the board of directors, for
satisfaction of losses sustained by the said company for
any specified time, if the policy be withdrawn, shall
be forfeited to the said company.
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Transfers.
Provisoes.
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SEC. 14. And be it enacted,
That at the expiration
of seven years from the date of the first policy, and
every seven years thereafter, a dividend of the profits
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Dividends.
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