LAWS OF MARYLAND.

1843

amount of assessment upon the notes shall equal the
amount of interest previously paid in by parties who have
previously insured, deducting from such interest fund,
such proportion of losses as may have been previously in-
curred, 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 patties last
insuring, then the loss shall be supplied by a ratably as-
sessment 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, ac-
cording to the amount of loss by him, her or them sus-
tained and covered by his, her or their policy.

CHAP. 199

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 alter the assessment thereof,
and in default of payment, execution may be issued on the
judgment confessed lor the amount of the assessment and
suit brought on any premium notes given for the insu-
rance of personal properly, 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.

Assessments
to be paid in
60 days.

Sec. 11. And be it enacted, That in case any disagree-
ment shall arise between the directors and the party insu-
red in reference to the amount of his, her or their loss or
damage, the matter in dispute shall be referred to arbitra-
tion; one 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 whose decision as
to the amount of loss or damage shall be final, and all
losses incurred by the insured, shall be paid within nine-
ty days after notification thereof, to the board of direc-
tors or sooner, if the funds can be collected.

Disputes in

relation to loss
referred to ar-
bitration.

Sec. 12. And be it enacted, That in case partial dam-
age may be sustained, the company may either repair the
same, or pay the amount of loss when ascertained.

Partial dama-
ges paid by
company.

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

Persons insu-
red selling—
may transfer
policy.

and cash advanced as premium returned; Provided, no
losses shall have been incurred by the company, and pro-
vided, 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 im-
posed upon the original patties insured, and any person
insuring may at any time have his policy cancelled, his
21

Provisoes.