1845.

LAWS OF MARYLAND.

CHAP. 37.

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 premiums, 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.

Assessments
to paid in 60
days.

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 date 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.

Disputes re-
ferred to ar-
bitration.

SEC. 13. 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 arbiter to be chosen by the company,
the other by the parties insured, and in case of disagree-
ment 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 ninety days after notification thereof to the
board of directors, or sooner if funds can be collected.

Option of the
company.

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 ascer-
tained.

Policies may
be transferred.

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

Provisoes.

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,
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 per-
son insuring may at any time have his policy cancelled,
his premium note returned, or judgment answered, satis-
fied, or cash paid in advance as premium returned;
provided, no losses shall have been incurred, and such