THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

of the value thereof, and in cases of insurances of personal
property, when the patty insured has no real estate, the
directors may take a note for the amount of the premium
required, secured in such manner as they may deem most
expedient and safe.

CHAP. 290.

SEC. 9. And be it enacted. That in case any loss or
damage by fire shall be sustained, such loss shall, within
thirty days thereafter, apprise the company thereof, and
in case of the partial destruction or damage, of the
amount of loss sustained, and the directors of said com-
pany shall immediately after the notification thereof, as-
certain the amount of such loss, 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 rateably 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.

In case of loss
or damage by
fire.

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 in-
suiance 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.

All assess-
ments made by
the board of
directors paid
in sixty days,

SEC. 11. And be it enacted, That in case any disa-
greement 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 shall be referred to
arbitration, one to be chosen by the company, the other
by the parties insured, and in case of disagreement be-
tween 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 ninety days after notification thereof to the board
of directors, or sooner if the funds can be collected.

In case of dis-

agreement re-
ferred to arbi-
ration.

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.

Repair or pay.

SEC. 13. And be it enacted, That in cases when the
person or persons insured shall have sold the property

Policies trans-
ferred.