The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-02-25
TO Regulate Fire Insurance


Austin. Texas, February A.-Mr. Pitts OF
nm this morning introduced bill TO reg
ulato the operation Of fire Insurance com
panios and to define the rights OF insurer
ard inquired. and providing that in case @
depreciation OF insured property the eN-
ccfs of premium paid shall he returned 10
the person insured. providing ratio Of
payment by Insurers when policies are
held in two or more companies defining
the term wholly destroyed" ana defining
the application OF this act.
DO it enacted by the legislature OF the
State Of Texas;
Section i. Whenever any policy OF in
surgnce shall be Issued 10 insure any build
ing In this State against loss or damage
by fire. tornado or wind storm, the actual
cash value of such building at the time
the insurance is effected shall be agreed
upon between the insurer and the insured
and the insurablo value thereof shall b.
stated In the policy, and in the event that
any such building shall be- wholly destroyed
by anv one Of the hazards Insured against
as herein mentioned. The amount written
In tho policy on any such building shall he
taken and dtemed to ho the amount Of loss
and true measure OF damage, In the even,
OF partial loss by fire tornado or wind storm
to any building insured, the measure OF
damage shall be the cost of repairing such
building, aud placing 1t In as good CON
diiion as 1t was before the partial loss oc
Cured. but In no case shall the insurer be
required to pay more than the amount cx-
pressed In the policy on any building dos-
troyod or damaged.
Sec. :. The insurer shalt have the right.
II II 40 elect. TO rebuild. repair or replace
any building wholly destroyed or partially
damaged so that the restored building shall
be OF tho same style and quality OF con
rtruction and OF equal value with the origi-
nal building. by giving reasonable notice
10 the insured OF its Intention so to do. In
which case the insured shall furnish plans
and specifications and full description OF
such building for the use OF the insurer in
rebuilding the same or repairing damage
thereto.
Sec, B. In the event Of the depreciation
IN value of any insured building between
!he date OF the policy and the time OF loss
from use neglect. decay. surroundings or
location. the amount Of such deprecia ion.
when the same has been agreed upon he
tween the insurer and insured or WHEN
The same has been ascer,ained by appraisal
as provided for in the policy in case OF a
disbursement shall be deducted from the
amount written in the policy on such build.
- "' !" w '."soh VI fuch depreciation
the insured shall receive for a total loss
sum less than the amount written in tho
policy on such buileing the insurer shall,
on demand. refund to the insured for the
fuli term OF the policy the premium receIv
cd by II on tho difference between the
amount insured and the amount paid for
total loss on such building
sec y II there should bo insurance In
two or more companies on any building m,
insured shall not be entitled to recover from
the aggregate sum of all such insurance nm
amount greater than the insurabie value az
such building stated In the policy. as pro.
VI led for in section / of this act. and eacb
Insurer shall contribute in payment OF tbe
loss. whether total or partial, in the pro.