reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.043 - Binders.

(1) Binders or other contracts for temporary insurance may be made orally or in writing, and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable indorsements as are designated in the binder, except as superseded by the clear and express terms of the binder.
(2) Except as provided in subsection (3) of this section and ORS 746.195, within 90 days after issue of a binder a policy shall be issued in lieu thereof, including within its terms the identical insurance bound under the binder and the premium therefor.
(3) If the policy has not been issued a binder may be extended or renewed beyond such 90 days with the written approval of the Director of the Department of Consumer and Business Services, or in accordance with such rules relative thereto as the director may promulgate.
(4) This section does not apply to life or health insurance. [Formerly 743.075]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.048 - Effective date and time of coverage; applicability.

(1) Except as provided in subsections (2), (4) and (5) of this section, every policy of insurance shall contain a provision stating that coverage commences at 12:01 a.m. of the date upon which the insurance takes effect.
(2) A policy of insurance may provide that the time at which coverage commences shall not be prior to the time at which the policy of insurance is applied for.
(3) Any statement of time in a policy shall mean time according to the legal standard of time in effect:
(a) If the policy insures real property, at the location of such property; or
(b) If the policy does not insure real property, at the principal place of business within Oregon of the insured; or, if the insured has no place of business within Oregon, at the residence within Oregon of the insured.
(4) A binder or other contract for temporary insurance may commence coverage at an hour different from 12:01 a.m. in order to provide coverage from the agreed hour of commencement of coverage to 12:01 a.m. of the date on which the written policy as to which such binder or other contract was issued takes effect.
(5) This section does not apply to life, health, mortgage, title, surety or wet marine and transportation insurance. [Formerly 743.080]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.050

[Amended by 1955 c.372 §1; 1957 c.4 §1; 1965 c.611 §8; 1967 c.359 §658; renumbered 750.045]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.051 - Renewal by certificate.

Any insurance policy terminating by its terms at a specified expiration date and not otherwise renewable, may be renewed or extended at the option of the insurer, if renewed or extended upon a currently authorized policy form at the premium rate then required therefor, for a specific additional period or periods by certificate or by indorsement of the policy, without requiring the issuance of a new policy. [Formerly 743.081]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.056 - Certain conduct not deemed waiver.

Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of or estoppel to assert any provision of a policy or of any defense of the insurer thereunder:
(1) Acknowledgment of the receipt of notice of loss or claim under the policy.
(2) Furnishing forms for reporting a loss or claim, for giving information relative thereto, or for making proof of loss, or receiving or acknowledging receipt of any such forms or proofs completed or uncompleted.
(3) Investigating any loss or claim under the policy or engaging in negotiations looking toward a possible settlement of any such loss or claim. [Formerly 743.096]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.058 - Return of premium on destruction of property.

(1) In the event of the total destruction of any insured property, if the total amount of loss or agreed loss is less than the total amount insured thereon, the insurer or insurers shall return to the insured the portion of insurance premium paid for the excess of the insurance over the loss. This amount shall be paid at the same time and in the same manner as the loss.
(2) This section does not apply to insurance on stocks of merchandise or property of fluctuating values where the reduced rate percentage clause is made a part of the policy. [Formerly 744.090 and then 743.111]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.061 - Recovery of attorney fees in action on policy or contractor’s bond.

(1) Except as otherwise provided in subsections (2) and (3) of this section, if settlement is not made within six months from the date proof of loss is filed with an insurer and an action is brought in any court of this state upon any policy of insurance of any kind or nature, and the plaintiff’s recovery exceeds the amount of any tender made by the defendant in such action, a reasonable amount to be fixed by the court as attorney fees shall be taxed as part of the costs of the action and any appeal thereon. If the action is brought upon the bond of a contractor or subcontractor executed and delivered as provided in ORS 279B.055, 279B.060, 279C.380 or 701.430 and the plaintiff’s recovery does not exceed the amount of any tender made by the defendant in such action, a reasonable amount to be fixed by the court as attorney fees shall be taxed and allowed to the defendant as part of the costs of the action and any appeal thereon. If in an action brought upon such a bond the surety is allowed attorney fees and costs and the contractor or subcontractor has incurred expenses for attorney fees and costs in defending the action, the attorney fees and costs allowed the surety shall be applied first to reimbursing the contractor or subcontractor for such expenses.
(2) Subsection (1) of this section does not apply to actions to recover personal injury protection benefits if, in writing, not later than six months from the date proof of loss is filed with the insurer:
(a) The insurer has accepted coverage and the only issue is the amount of benefits due the insured; and
(b) The insurer has consented to submit the case to binding arbitration.
(3) Subsection (1) of this section does not apply to actions to recover uninsured or underinsured motorist benefits if, in writing, not later than six months from the date proof of loss is filed with the insurer:
(a) The insurer has accepted coverage and the only issues are the liability of the uninsured or underinsured motorist and the damages due the insured; and
(b) The insurer has consented to submit the case to binding arbitration. [Formerly 736.325 and then 743.114; 1999 c.790 §1; 2003 c.794 §328]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.063 - Filing and approval of liability form that includes cost of defense within limits of liability.

(1) A liability insurance form that provides that the cost of defending a claim is included within the stated limits of liability may not be delivered or issued for delivery in this state until the form has been filed with and approved by the Director of the Department of Consumer and Business Services. In determining whether to approve or disapprove a form filed under this section, the director shall consider, in addition to the factors specified in ORS 742.005, the circumstances and insurance needs of the proposed insureds.
(2) A liability insurance form filed under this section may not be approved unless the form contains a statement approved by the director disclosing that the costs of defending a claim under the policy are included in the policy limits. [Formerly 743.115]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.065 - Insurance against risk of loss assumed under less than fully insured employee health benefit plan.

(1) Insurance against the risk of economic loss assumed under a less than fully insured employee health benefit plan, whether issued or delivered as health or casualty insurance, is subject to the following:
(a) The policy must be issued to and insure the employer, the trustee or other sponsor of the plan, or the plan itself, but not the employees, members or participants;
(b) The insurer shall pay the employer, the trustee or other sponsor of the plan, or the plan itself, not the employees, members, participants or health care providers;
(c) If the policy establishes an aggregate attaching point or retention, the point or retention must not be less than 120 percent of the expected claims; and
(d) If the policy establishes an attaching point or retention applicable to each individual covered by the plan, the point or retention must not be less than $10,000.
(2) Insurance against the risk of economic loss assumed under a less than fully insured employee health benefit plan, whether issued or delivered as health or casualty insurance, is subject to this section and to ORS 743.523, 743.524 and 743.526, but is not subject to other provisions of ORS chapters 743, 743A and 743B. [1993 c.649 §2; 1995 c.506 §13; 2014 c.58 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.150 - Approval by director; limitations on authority of insurer; definition.

(1) A domestic insurer shall not enter a transaction in which the domestic insurer assumes or transfers obligations or risks on policies under an assumption reinsurance agreement as defined in this section, unless the Director of the Department of Consumer and Business Services first approves the transaction. A domestic insurer must submit with its request for approval a proposed notice of transfer required in ORS 742.156.
(2) A domestic insurer shall not assume obligations or risks on policies issued to or owned by policyholders residing in any other state unless it is authorized or licensed in the other state to transact insurance or unless the insurance regulatory official of that state has approved the assumption.
(3) An authorized insurer shall not transfer obligations or risks on policies issued to or owned by residents of this state to any unauthorized insurer.
(4) If each authorized foreign insurer entering an assumption reinsurance agreement that transfers the obligations or risks on policies issued to or owned by residents of this state is domiciled in a state that imposes requirements on an assumption reinsurance agreement that are substantially similar to requirements of this state, then when each such insurer enters the agreement, the insurer shall file or cause to be filed with the director the following:
(a) The assumption certificate.
(b) A copy of the notice of transfer required to be sent to policyholders.
(c) An affidavit that the transaction is subject to substantially similar requirements in the state or states of domicile of both the transferring and assuming insurers.
(5) If any authorized foreign insurer entering an assumption reinsurance agreement that transfers the obligations or risks on policies issued to or owned by residents of this state is domiciled in a state that does not impose requirements on an assumption reinsurance agreement that are substantially similar to requirements of this state, each insurer entering into the agreement shall obtain prior approval of the director and is otherwise subject to all other requirements of ORS 742.156 and 742.158 with respect to residents of this state.
(6) For purposes of this section, "assumption reinsurance agreement" means a contract that both:
(a) Transfers insurance obligations or risks of existing or in-force policies from a transferring insurer to an assuming insurer that acquires the obligations or risks from the transferring insurer; and
(b) Is intended to effect a novation of the transferred policies with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer and the insurance obligations and risks of the transferring insurer under the policies are extinguished. [1995 c.30 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.152 - Limitations on applicability of ORS 742.150.

ORS 742.150 does not apply to any of the following:
(1) A reinsurance agreement or transaction in which the ceding insurer remains directly liable for its insurance obligations or risks under the policies that are subject to the reinsurance agreement.
(2) The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new policy by another insurer.
(3) The transfer of policies pursuant to a merger or consolidation of two or more insurers to the extent that the merger or consolidation is regulated by statute.
(4) An insurer that is subject to a judicial order of liquidation or rehabilitation.
(5) Any reinsurance agreement or transaction to which a state insurance guaranty association is a party, but only if policyholders do not lose any rights or claims afforded under their original policies pursuant to ORS 734.510 to 734.710 or 734.750 to 734.890.
(6) The transfer of liabilities from one insurer to another under a single group policy upon the request of the group policyholder.
(7) A plan of conversion or reorganization to which ORS 732.600 to 732.630 apply. [1995 c.30 §3; 1997 c.771 §23]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.154 - Factors to be considered by director in determining whether to approve assumption reinsurance agreement.

The Director of the Department of Consumer and Business Services shall consider the following factors, along with other factors that the director determines to be appropriate, in reviewing a request for approval of an assumption reinsurance agreement to which ORS 742.150 applies:
(1) The financial condition of the transferring and assuming insurers and the effect the transaction will have on the financial condition of each insurer.
(2) The competence, experience and integrity of the persons controlling the operation of the assuming insurer.
(3) The plans or proposals of the assuming party with respect to the administration of the policies subject to the proposed transfer.
(4) Whether the transfer is fair and reasonable to the policyholders of both insurers.
(5) Whether the notice of transfer to be provided by the insurer under ORS 742.156 is fair, adequate and not misleading. [1995 c.30 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.156 - Notice of transfer under assumption reinsurance agreement.

(1) The transferring insurer in an assumption reinsurance agreement to which ORS 742.150 applies shall provide or cause to be provided a notice of transfer meeting the requirements established under this section to the following persons:
(a) Each policyholder who has the right to terminate or otherwise alter the terms of a policy.
(b) Each certificate holder whose certificate is in force on the proposed effective date of the assumption if the certificate holder has the right to keep the certificate in force without change in benefit following termination of the group policy. The right to keep the certificate in force does not include the right to elect individual coverage under the Consolidated Omnibus Budget Reconciliation Act, section 601 et seq., of the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. 1161 et seq.).
(c) The transferring insurer’s agents of record on the affected policies.
(2) The Director of the Department of Consumer and Business Services shall prescribe the contents of the notice of transfer, methods by which insurers must give notice of the transfer and notice of opportunity to accept or reject the assumption and methods of response by the policyholders and certificate holders. [1995 c.30 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.160 - Effect of novation of policy under assumption reinsurance agreement.

If a policyholder consents to a transfer as provided in ORS 742.158, or if a transfer is effected under ORS 742.162, the effect of the novation of the policy subject to the assumption reinsurance agreement is that the transferring insurer is relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer becomes directly and solely liable to the policyholder for those insurance obligations and risks. [1995 c.30 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.162 - Transfer and novation of policy effected by director.

(1) A transfer and novation effected as provided in this section is not an assumption reinsurance agreement to which ORS 742.150 applies.
(2) The Director of the Department of Consumer and Business Services may effect a transfer and novation of the policies issued by a domestic insurer if the director determines that the insurer is in hazardous financial condition according to standards established under ORS 731.385, if a rehabilitation or liquidation proceeding has been instituted against the insurer or if an administrative supervision proceeding has been instituted against the insurer, and if the director determines that the transfer of the policies is in the best interest of the policyholders. The director may give notice of such a transfer to policyholders that the director determines to be adequate under the circumstances.
(3) The director may accept a transfer and novation of policies issued by a foreign insurer that insure residents of this state when the transfer and novation are effected by the insurance regulatory official of the domiciliary state of the foreign insurer if the director determines that the domiciliary state has a substantially similar law and if the official has determined that the transfer of the policies is in the best interest of the policyholders and:
(a) The official has determined that the insurer is in hazardous financial condition;
(b) A rehabilitation or liquidation proceeding has been instituted against the insurer; or
(c) An administrative proceeding has been instituted against the insurer for the purpose of supervising, reorganizing or conserving the insurer. [1995 c.30 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.200 - Fire insurance not to exceed value of property insured.

(1) No insurer, insurance producer or insured shall knowingly issue or procure any fire insurance policy upon property within this state for an amount which with any existing insurance exceeds the fair value of the risk insured or of the interest of the insured therein.
(2) This section does not apply to insurance on stocks of merchandise or property of fluctuating values where the reduced rate percentage value clause is made a part of the policy. [Formerly 744.070 and then 743.603; 2003 c.364 §102]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.202 - Standard fire insurance policy.

Except as provided in ORS 742.204, no fire insurer, its officers or agents, shall use any fire insurance policy or renew any fire insurance policy on property in this state unless it contains the provisions set forth in ORS 742.206 to 742.242, which shall form a portion of the contract between the insurer and the insured. [Formerly 743.606]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.204 - Exceptions to standard fire insurance policy requirements.

Any insurance policy that includes, either on an unspecified basis as to coverage or for a single premium, coverage against the peril of fire and substantial coverage against other perils need not comply with the provisions of ORS 742.202 and 742.246, if such policy:
(1) Affords coverage with respect to the peril of fire, not less than the substantial equivalent of the coverage afforded by the provisions of the standard fire insurance policy as required by ORS 742.202;
(2) After a review under ORS 742.005 by the Director of the Department of Consumer and Business Services, is found by the director not to violate ORS 742.005 (2); and
(3) Is complete as to all its terms without reference to the standard fire insurance policy or any other policy. [Formerly 743.607; 2001 c.85 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.206 - Insuring agreement.

A fire insurance policy shall contain provisions as follows: "In consideration of the provisions and stipulations herein or added hereto and of _____ dollars ($_____) premium this company, for the term of _____ from the _____ day of _____, 2___, to the ___ day of _____, 2___, at 12:01 a.m., at location of property involved, to an amount not exceeding _____ dollars ($_____), does insure _____ and legal representatives, to the extent of the actual cash value of the property at the time of loss, but not exceeding the amount which it would cost to repair or replace the property with material of like kind and quality within a reasonable time after such loss, without allowance for any increased cost of repair or reconstruction by reason of any ordinance or law regulating construction or repair, and without compensation for loss resulting from interruption of business or manufacture, nor in any event for more than the interest of the insured, against all direct loss by fire, lightning and by removal from premises endangered by the perils insured against in this policy, except as hereinafter provided, to the property described hereinafter while located or contained as described in this policy, or pro rata for five days at each proper place to which any of the property shall necessarily be removed for preservation from the perils insured against in this policy, but not elsewhere.
"Assignment of this policy shall not be valid except with the written consent of this company.
"This policy is made and accepted subject to the foregoing provisions and stipulations and those hereinafter stated, which hereby are made a part of this policy, together with such other provisions, stipulations and agreements as may be added hereto, as provided in this policy.
"In witness whereof, this company has executed and attested these presents.
__________________
Secretary.
__________________
President." [Formerly 743.609]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.208 - Concealment; fraud; representations by insured.

A fire insurance policy shall contain the following provisions:
(1) Subject to subsections (2) and (3) of this section, this entire policy shall be void if, whether before or after a loss, the insured has willfully concealed or misrepresented any material fact or circumstance concerning this insurance or the subject thereof, or the interest of the insured therein, or in case of any fraud or false swearing by the insured relating thereto.
(2) All statements made by or on behalf of the insured, in the absence of fraud, shall be deemed representations and not warranties. No such statements that arise from an error in the application shall be used in defense of a claim under the policy unless:
(a) The statements are contained in a written application; and
(b) A copy of the application is indorsed upon or attached to the policy when issued.
(3) In order to use any representation by or on behalf of the insured in defense of a claim under the policy, the insurer must show that the representations are material and that the insurer relied on them. [Formerly 743.612]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.210 - Uninsurable and excepted property.

A fire insurance policy shall contain a provision as follows: "This policy shall not cover accounts, bills, currency, deeds, evidences of debt, money or securities; nor, unless specifically named hereon in writing, bullion or manuscripts." [Formerly 743.615]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.212 - Perils not included.

A fire insurance policy shall contain a provision as follows: "This company shall not be liable for loss by fire or other perils insured against in this policy caused, directly or indirectly, by: (a) Enemy attack by armed forces, including action taken by military, naval or air forces in resisting an actual or an immediately impending enemy attack; (b) invasion; (c) insurrection; (d) rebellion; (e) revolution; (f) civil war; (g) usurped power; (h) order of any civil authority except acts of destruction at the time of and for the purpose of preventing the spread of fire, provided that such fire did not originate from any of the perils excluded by this policy; (i) neglect of the insured to use all reasonable means to save and preserve the property at and after a loss, or when the property is endangered by fire in neighboring premises; (j) nor shall this company be liable for loss by theft." [Formerly 743.618]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.216 - Conditions suspending insurance.

A fire insurance policy shall contain a provision as follows: "Unless otherwise provided in writing added hereto this company shall not be liable for loss occurring:
"(1) While the hazard is increased by any means within the control or knowledge of the insured; or
"(2) While a described building, whether intended for occupancy by owner or tenant, is vacated or unoccupied beyond a period of 60 consecutive days; or
"(3) As a result of explosion or riot, unless fire ensues, and in that event for loss by fire only." [Formerly 743.624]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.218 - Additional perils insured.

A fire insurance policy shall contain a provision as follows: "Any other peril to be insured against or subject of insurance to be covered in this policy shall be by indorsement in writing hereon or added hereto." [Formerly 743.627]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.220 - Added provisions.

A fire insurance policy shall contain a provision as follows: "The extent of the application of insurance under this policy and of the contribution to be made by this company in case of loss, and any other provision or agreement not inconsistent with the provisions of this policy, may be provided for in writing added hereto, but no provision may be waived except such as by the terms of this policy is subject to change." [Formerly 743.630]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.222 - Waiver provisions.

A fire insurance policy shall contain a provision as follows: "No permission affecting this insurance shall exist, or waiver of any provision be valid, unless granted herein or expressed in writing added hereto. No provision, stipulation or forfeiture shall be held to be waived by any requirement or proceeding on the part of this company relating to appraisal or to any examination provided for herein." [Formerly 743.633]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.224 - Cancellation.

(1) A fire insurance policy shall contain a provision as follows: "This policy shall be canceled at any time at the request of the insured, in which case this company shall, upon demand and surrender of this policy, refund the excess of paid premium above the customary short rates for the expired time."
(2) The policy also shall provide:
(a) That the insurer may cancel the policy at any time by giving 10 days’ written notice of cancellation to the insured in the event of nonpayment of premium or 30 days’ written notice for any other reason. However, when fire insurance coverage is part of a package policy including commercial liability insurance, cancellation of the policy is governed by the provisions of ORS 742.702.
(b) That cancellation by the insurer may be made with or without tender of the excess of paid premium above the pro rata premium for the expired time, and that the excess, if not tendered with the cancellation, will be refunded on demand.
(3) When an insurer gives notice of cancellation, the notice shall state that the excess of paid premium above the pro rata premium for the expired time, if not tendered with the notice, will be refunded on demand. [Formerly 743.636; 1991 c.768 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.226 - Mortgagee interest and obligation of mortgagee.

A fire insurance policy shall contain provisions as follows:
(1) "If loss hereunder is made payable, in whole or in part, to a designated mortgagee not named herein as the insured, such interest in this policy may be canceled by giving to such mortgagee a 10 days’ written notice of cancellation."
(2) "If the insured fails to render proof of loss such mortgagee, upon notice, shall render proof of loss in the form herein specified within 60 days thereafter and shall be subject to the provisions hereof relating to appraisal and time of payment and of bringing suit. If this company shall claim that no liability existed as to the mortgagor or owner, it shall, to the extent of payment of loss to the mortgagee, be subrogated to all the mortgagee’s rights of recovery, but without impairing mortgagee’s right to sue; or it may pay off the mortgage debt and require an assignment thereof and of the mortgage. Other provisions relating to the interests and obligations of such mortgagee may be added hereto by agreement in writing." [Formerly 743.639]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.228 - Pro rata liability of insurer.

A fire insurance policy shall contain a provision as follows: "This company shall not be liable for a greater proportion of any loss than the amount hereby insured shall bear to the whole insurance covering the property against the peril involved, whether collectible or not." [Formerly 743.642]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.230 - Requirements in case loss occurs.

A fire insurance policy shall contain a provision as follows: "The insured shall give immediate written notice to this company of any loss, protect the property from further damage, forthwith separate the damaged and undamaged personal property, put it in the best possible order, furnish a complete inventory of the destroyed, damaged and undamaged property, showing in detail quantities, costs, actual cash value and amount of loss claimed; and within 90 days after receipt of proof of loss forms from the company, unless such time is extended in writing by this company, the insured shall render to this company a proof of loss, signed and sworn to by the insured, stating the knowledge and belief of the insured as to the following: The time and origin of the loss, the interest of the insured and of all others in the property, the actual cash value of each item thereof and the amount of loss thereto, all encumbrances thereon, all other contracts of insurance, whether valid or not, covering any of said property, any changes in the title, use, occupation, location, possession or exposures of said property since the issuing of this policy, by whom and for what purpose any building herein described and the several parts thereof were occupied at the time of loss and whether or not it then stood on leased ground, and shall furnish a copy of all the descriptions and schedules in all policies and, if required, verified plans and specifications of any building, fixtures or machinery destroyed or damaged. The insured, as often as may be reasonably required, shall exhibit to any person designated by this company all that remains of any property herein described, and submit to examinations under oath by any person named by this company, and subscribe the same; and, as often as may be reasonably required, shall produce for examination all books of account, bills, invoices, and other vouchers, or certified copies thereof if originals be lost, at such reasonable time and place as may be designated by this company or its representative, and shall permit extracts and copies thereof to be made." [Formerly 743.645]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.232 - Appraisal.

A fire insurance policy shall contain a provision as follows: "In case the insured and this company shall fail to agree as to the actual cash value or the amount of loss, then, on the written demand of either, each shall select a competent and disinterested appraiser and notify the other of the appraiser selected within 20 days of such demand. The appraisers shall first select a competent and disinterested umpire; and failing for 15 days to agree upon such umpire, then, on request of the insured or this company, such umpire shall be selected by a judge of a court of record in the state in which the property covered is located. The appraisers shall then appraise the loss, stating separately actual cash value and loss to each item; and, failing to agree, shall submit their differences, only, to the umpire. An award in writing, so itemized, of any two when filed with this company shall determine the amount of actual cash value and loss. Each appraiser shall be paid by the party selecting the appraiser and the expenses of appraisal and umpire shall be paid by the parties equally." [Formerly 743.648]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.234 - Insurer’s options.

A fire insurance policy shall contain a provision as follows: "It shall be optional with this company to take all, or any part, of the property at the agreed or appraised value, and also to repair, rebuild or replace the property destroyed or damaged with other of like kind and quality within a reasonable time, on giving notice of its intention so to do within 30 days after the receipt of the proof of loss herein required." [Formerly 743.651]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.238 - When loss payable.

A fire insurance policy shall contain a provision as follows: "The amount of loss for which this company may be liable shall be payable 60 days after proof of loss, as herein provided, is received by this company and ascertainment of the loss is made either by agreement between the insured and this company expressed in writing or by the filing with this company of an award as herein provided." [Formerly 743.657]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.240 - Suit on policy.

A fire insurance policy shall contain a provision as follows:
"No suit or action on this policy for the recovery of any claim shall be sustainable in any court of law or equity unless all the requirements of this policy shall have been complied with, and unless commenced within 24 months next after inception of the loss." [Formerly 743.660; 1991 c.437 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.242 - Subrogation.

A fire insurance policy shall contain a provision as follows: "This company may require from the insured an assignment of all right of recovery against any party for loss to the extent that payment therefor is made by this company." [Formerly 743.663]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.244 - Coverage for loss from nuclear reaction or radiation.

Insurers issuing the standard fire insurance policy pursuant to ORS 742.202 are authorized to affix thereto or include therein a written statement that the policy does not cover loss or damage caused by nuclear reaction or nuclear radiation or radioactive contamination, all whether directly or indirectly resulting from an insured peril under said policy. However, nothing contained in this section shall be construed to prohibit the attachment to any such policy of an indorsement or indorsements specifically assuming coverage for loss or damage caused by nuclear reaction or nuclear radiation or radioactive contamination. [Formerly 744.125 and then 743.666]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.246 - Other fire insurance policy provisions permitted.

(1) A fire insurer may add to the provisions required by ORS 742.202 other conditions, provisions and agreements not in conflict with law or contrary to public policy.
(2) Any provision restricting or abridging the rights of the insured under the policy must be preceded by a sufficiently explanatory title printed or written in type not smaller than eight-point capital letters.
(3) This section applies only to standard fire insurance policies as described in ORS 742.202 and does not apply to any other insurance policies. [Formerly 744.130 and then 743.669; 2001 c.85 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.248 - Mutual fire insurers policyholders’ liability; nonassessable policies.

(1) Each person accepting a policy in a mutual fire insurer thereby becomes a member of the insurer and liable for a proportionate share of losses and operating expenses.
(2) Any person or persons holding property in trust may insure the same in a mutual fire insurer, and as such trustee assume the liabilities and be entitled to the rights of a member, but shall not be personally liable upon such insurance policy.
(3) A mutual fire insurer may fix the contingent and mutual liability of its members for payment of losses and expenses by a uniform rule set forth in its bylaws and policies. Such mutual liability shall not be less than twice the amount of the usual advance assessment written in the policy.
(4) A mutual fire insurer that received a certificate of authority prior to September 2, 1963, and has accumulated in the regular course of business assets of not less than $200,000, of which not less than $100,000 is surplus determined as provided in the Insurance Code, may while in that condition and subject to the approval of the Director of the Department of Consumer and Business Services adopt bylaws limiting the liability of its policyholders to the premium specified in its policies. The power to issue policies with such limitation of liability continues only during the time the insurer is in such financial condition.
(5) A mutual fire insurer that received a certificate of authority after September 2, 1963, and has $500,000 in surplus determined as provided in the Insurance Code, may while in that condition and subject to the approval of the director adopt bylaws limiting the liability of its policyholders to the premium specified in its policies. The power to issue policies with such limitation of liability continues only during the time the insurer is in such financial condition.
(6) Every mutual fire insurer which has not limited the liability of its policyholders in accordance with subsections (4) and (5) of this section must print upon its policies such bylaws as will define the liability of a policyholder in addition to the statement required by ORS 742.036. [Formerly 744.430 and then 743.672]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.250 - Mutual fire insurer’s action to recover assessment.

An action may be brought against any member of a mutual fire insurer who neglects or refuses to pay any assessment levied by the insurer to recover the whole amount of contingent liability with costs of the action. Execution shall issue on a judgment recovered in such an action for assessments and costs only as they accrue. [Formerly 744.440 and then 743.675]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.252 - Mutual fire insurers; withdrawal of members.

Any member of a mutual fire insurer may withdraw at any time by surrendering the member’s policy to the insurer, giving written notice to the secretary of intention to withdraw and paying the member’s share of all losses which have accrued and all assessments then due, accrued or pending. [Formerly 744.450 and then 743.678]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.254 - Mutual fire insurance policy cancellation.

(1) A mutual fire insurer may cancel or terminate any fire insurance policy by giving the insured five days’ written notice and returning to the insured any unearned assessment computed pro rata.
(2) A mutual fire insurer shall use and issue only the standard form of policy required by ORS 742.202, except that:
(a) It is not required upon cancellation of the insurance policy or certificate of membership to return any part of any policy, certificate, membership or inspection fee that may have been charged.
(b) Where a definite part of the amount charged has been collected for and designated as an expense assessment, it may by bylaw determine the amount of refund that shall be made from such expense assessment.
(c) If it is on an assessment basis, levying assessments at such times and in such amounts as are necessary to defray its losses and expenses, it may provide by bylaw that no part of the assessments shall be returned.
(d) If it is organized for the insurance of a single class of risks and the assessment charged in a flat sum, it may provide in the insurance policy that no return assessment shall be paid upon cancellation. [Formerly 744.460 and then 743.681]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.260 - Cancellation of homeowner or fire policy; coverage for child care; definition.

(1) An insurer offering homeowner or renter liability or fire insurance may not cancel or refuse to issue or renew a policy on a private home solely on the basis that the policyholder operates a child care facility if the policyholder is registered or certified pursuant to ORS 329A.250 to 329A.450.
(2) A homeowner or renter liability or fire insurance policy may not provide coverage for losses arising out of or in connection with child care provided by a registered or certified child care facility. Coverage for losses arising out of or in connection with child care by a registered or certified child care facility may be provided only by a separate policy or indorsement for which premiums are assessed and paid.
(3) As used in this section, "child care facility" has the meaning given in ORS 329A.250. [1995 c.685 §2; 1999 c.743 §23; 2022 c.27 §19]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.273 - Property losses in locations subject to declarations of emergency; required provisions of homeowner insurance policy; limits on payments.

If a loss covered under a policy of homeowner insurance, as defined in ORS 746.600, occurs in a location that was subject to a declaration of emergency under ORS 401.165 and the loss is directly related to the emergency that was the subject of the declaration, the policy of homeowner insurance must require the insurer to combine coverage limits that apply to claims for a loss of the insured’s primary dwelling and claims for a loss of other covered structures if the coverage limit that applies to the insured’s primary dwelling is insufficient to pay for rebuilding or replacing the primary dwelling. The amount an insurer pays under the total combined coverage limits may not exceed the amount that would be necessary to repair the actual damage to, or replace, as appropriate, the insured’s primary dwelling. The insurer shall pay in accordance with the terms of the policy of homeowner insurance the amount of any claim for a loss other than damage to the insured’s primary dwelling. [2021 c.262 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 742 - Insurance Policies Generally; Property and Casualty Policies › Section 742.276 - Estimates of cost to rebuild or replace covered property.

An insurer shall provide to an insured every other year at the time the insurer offers to renew a policy of homeowner insurance, as defined in ORS 746.600, an opportunity to obtain a new estimate of the cost necessary to rebuild or replace the covered property if the insured provides information necessary for the estimate. [2021 c.262 §4]