Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1919-04-23

surance clause, or any similar clause
requiring the insured to carry insurance
in amount equal to any percentage of
the value of said buildings, the insured
may ask for valuation Of such build
ing or buildings insured, which valua-
ton may be agreed upon in writing by
the insuring company and the insured
and snail be the valuation of the prop
erty, insured for the purpose of fixing
the liability of the company during the
life of the policy.
Sec. 2. In case the insuring company
and the insured do not agree on the
valuation, as provided in the preceding
section, the insured may hle with the
insurance commissioner a request for
a valuation, which shall contain a COM
plete description of the building or build
ings showing location, the name of the
company, and the agent, if any, through
whom the insurance is placed and the
date of the policy.
Sec. 3. Upon the receipt of such
request the insurance commissioner
shall appoint time and place for maxi
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 to all concerned
Sec. a. The owner of building and
the insurance company or agent shall
each file with the insurance commits
sioner list of not less than three disn-
terested 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-
- ~ he
and, in case these two cannot agree, he
shall select a third competent and dis
interested person who shall act as third
appraiser only as to 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
mine the sound value of the building.
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
to cover thereon, if 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-
tanning the amount of insurance required
under a co-insurance clause until new
valuation shall have been made, in the
manner provided by this act, on an ap-
plication 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. E. The rate charged for fire
insurance policy covering a building
valued in accordance with the provi-
sions of this act, shall not be increased
above the rate fixed for the same form
of policy, containing or having attached
thereto a reinsurance clause where no
request has been made to have the value
of the property fixed in accordance with
the provisions of this act.
Sec. 7. If an insurance company vio-
lates the provisions of this act or if the
insurance commissioner is satisfied
after 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 to do business in this state
for such period, not exceeding one
year, as he may deem advisable.
| Approved March 26, 1910.