Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1919-04-23

.f,-se ar any similar clause
s,,,-9-,c- the insured 70 carry insurance
!. mount equal 10 any percentage OF
-. ,-,i,,p Of said buildings, the insured
-, 4, for a valuation OF such build
- ~ buildings insured, which Naiua-
-, may be agreed upon IN writing oy
,he IuSuring company ana the insurer
s,9 shall Re the valuation OF the prop
~rtv insured for the purpose OF hNinS
The liability Of the company during the
life Of the policy
Sec : In case the lnSuriilg company
"a IRE insured do not agree on the
.--T-,,.;C-, a Droyided in the preceding
s~.-.;,-, The insured may ME with the
;-,S,,rsr,-. commissioner 4 request tor
= ,-sf,,at,,r,. which shall contain com
,1s,e description OF the building or build
- showing location. the name OF the
-[9,,osny and the agent, # any, through
,vh,-r, the insurance Is placed and the
date OF the policy.
- Upon the receipt Of such
-aorgSt the insurance commissioner
sbsT 7nnoiut a time and place tor max
no sr,-h valuation which shall be not
later than fifteen days thereafter, unless
an earlier date Is agreed upon py the
na-tieS interested. and he shall give
o-ooer notice thereof TO all concerned
a
,ba insurance company or agent shall
ss-h rIe with the insurance commits
siD-sr list Of not less than three dlsIn-
+r-eSted persons competent TO 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-
cether act as appraisers OF the property,
ard. IN case these two cannot agree, he
shall select 4 third competent and dis
interested person who shall act as third
appraiser only as 10 matters regarding
which the two appraisers tlrst appointed
cannot agree An award IN writing OF
any two appraisers, when tlled with the
insurance commissioner, shall deter
mine the sound value OF the building.
Each OF the two appraisers first ap-
pointed shall be paid BY the party nomi-
mating him and the third appraiser
shall be paid by the parties equally.
Sec : 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
70 cover thereon. If issued within three
wears from the date OF such award, and
such value shall continue as the basis
OF valuation for the purpose OF ascer-
tanning the amount OF insurance required
under 4 cO-insurance clause until a new
valuation shall have been made, in the
manner provided by this act, on an ap-
plicztion by the insured or by the COM
pany, or agent placing the insurance
thereon, provided that a new valuation
shall not be required oftener than once
IN three years
Sec g. The rate charged for a fire
insurance policy covering a building
valued IN accordance with the provi-
SONS Of this act. shall not be increased
above the rate fixed for the same form
OF policy, containing or having attached
thereto 4 co-InsuTauce clause where no
request has been made to have the value
OF the property fixed IN accordance with
the provisions of this act
Sec T. If an insurance company vio-
lates the provisions OF this act or If the
insurance commissioner is satisfied
after a hearing, that . company de-
clInes or refuses TO write insurance on
any building because of the requirement
that the value OF such building shall be
agreed upon as provided by this act. the
insurance commissioner shall suspend
its authority 10 do business IN this state
roT such period, not exceeding one
year, as he may deem advisable.
Approved March 70, 1910