PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

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 assess-
ment, shall forfeit all benefit of his, her or their poli-
cy, until such assessment be paid.

CHAP. 356.

SEC. 11. And be it enacted, That in case any dis-
agreement 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 consent of parties, to arbitration, one
arbiter 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 de-
cision 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 col-
lected.

Disputes to be
settled by arbi-
tration.

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 as-
certained.

When damage
is partial.

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 poli-
cies may be transferred to the purchasers, and the
original premium notes or judgments be returned and
satisfied, and cash advanced as premium, returned ;

How transfered.

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 pro-
vided, 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 all the conditions imposed upon all the original
parlies insured, and any person or persons wishing to
discontinue his, her or their insurance, may at any
time withdraw the samp, and have his, her or their
policy cancelled, and premium note returned, judg-
ment entered satisfied, or cash paid in advance, re-
funded, deducting from said note, judgment or cash,
any assessment that may be made upon the same by
the board of directors, for the satisfaction of losses
sustained by the said company for any specified time,
if the policy be withdrawn, shall be forfeited to the
said company.

Provisoes.