The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1919-04-24

sarsncr ciasse. ~ sny siviiiar clause
Z requiring the INSURED 20 carry iasrtanes
IN amount eaasi 90 any percentage "
I the value 81 AID bpiidtngs, the insaFri
mas ask tot a valuation 81 such build.
ina o. baildssss insured which ySina.
/ tton may be agreed upon IN writing ~
the iis0rlng company and the insured
and shall hc the psluation 81 The prog.
rriy insured Tor the purpose oi fixing
the liability al the company during tho
life Of The policy
Sec, a In case the insHrtng company
and the insured do NOT agree on the
valuation, as provided IN tho preceding
section. the insured may hlc with tho
insurance commissioner request tof
valuation. which shall contain corn,
pictc description al the building or build.
ings showing location. tho name OF the
company. and the agent. Il any. through
whom the INSURANCE Is placed and tho
date Of the policy
Sec. g. Upon the receipt Of such a
request the insurance commissioner
shall appoint time and place Tor max
ing such valuation which shall be not
later than fifteen days thereafter, unless
an earlier date is agreed upon by the
parties interested. and he shall give
proper notice thereof 20 all concerned
Sec 4 The owner Of building and
the insurance company OF agent shall
each ME with the insurance commits
sioncr list Of not less than three disin-
tcrcsted persons competent 10 act as
appraisers OF the building described In
the notice. The insurance commissioner
shall select one person from each OF
the lists so submitted who shall to-
gcthcr act as appraisers OF the property,
and, in case these two cannot agree, he
shall select third competent and dis
interested person who shall ACT as third
appraiser only as 10 matters regarding
which the two appraisers FIRST appointed
cannot agree, An award in writing OF
any two appraisers. when filed with the
insurance commissioner, shall deter |
Each OF the two appraisers first APP
pointed shall be paid bv the party nomi-
mating him and the third appraiser
shall be paid by the parties equally
Sec. S. The value Of any building
fixed as provided IN the preceding sec
ton shall be considered the true value
Of the building during the term for
which any fire insurance policy is issued
10 cover thereon, il issued within three
years from the date OF such award, and
such value shall continue as the basis
Of valuation for the purpose OF ascer-
aiming the amount of insurance required
Under co-ineHrance clause until new
valuation shaW have been made, in the
manner provided by this act, on an APP
,lication by the insured or by the COM
,any, or agent placing the insurance
hereon, provided that new valuation
hall not be required oftencr than once
n three years.
Sec 6. The rate charged for fire
policy covering building
yalued in accordance with the provi-
ions of this act, shall not be increased
lbove the rate fixed for the same form
II policy containing or having attached
hereto a co-insurance clause where no
equest has been made to have the value
# the property fixed in accordance with
he provisions of this act.
Sec. 7. II an insurance company vio-
ates the provisions of this act or if the
insurance commissioner is satisfied,
fter a hearing, that company de-
lines or refuses to write insurance on
ny building because Of the requirement
hat the value OF such building shall be
greed upon as provided by this act, the
1surance commissioner shall suspend
IS authority to do business in this state
Or such period, not exceeding one
ear, as he may deem advisable.
Approved March 2o, 1910.