§ 27-5-3 - Form of standard policy.
SECTION 27-5-3
§ 27-5-3 Form of standard policy. –The form of the standard fire insurance policy of the state of Rhode Island,with permission to substitute for the word "company" or "companies" a moreaccurate descriptive term for the type of insurer, shall be as follows:
Space for insertion of name of company or companies issuingthe policy and other matter permitted to be stated at the head of the policy.
Space for listing amounts of insurance, rates, and premiumsfor the basic coverages insured under the standard form of policy and foradditional coverages or perils insured under endorsements attached.
In consideration of the provisions and stipulations herein oradded hereto and of . . . . . . . . . . . . . . . dollars premium thiscompany, for the term of . . . . . . . . . . . . .
from the . . . . . . day of,20 . . . .
to the . . . . . . day of, 20. . . .
at 12:01 a.m. standard time at
location of property involved,
to an amount not exceeding . . . . . . . . . . . . . . . . . . . . . . dollars, does insure,. . . . . . . . . . . . . . . . . . . . . . . . . . and legal representatives, to theextent of the actual cash value of the property at the time of loss, but notexceeding the amount which it would cost to repair or replace the property withmaterial of like kind and quality within a reasonable time after a loss,without allowance for any increased cost of repair or reconstruction by reasonof any ordinance or law regulating construction or repair, and withoutcompensation for loss resulting from interruption of business or manufacture,nor in any event for more than the interest of the insured, against all directloss by fire and lightning, and by removal from the premises endangered by theperils insured against in this policy, except as hereinafter provided, to theproperty described hereinafter while located or contained as described in thispolicy, or pro rata for five (5) days at each proper place to which any of theproperty shall necessarily be removed for preservation from the perils insuredagainst in this policy, but not elsewhere.
Assignment of this policy shall not be valid except with thewritten consent of this company.
This policy is made and accepted subject to the foregoingprovisions and stipulations and those hereinafter stated, which are hereby madea part of this policy, together with such other provisions, stipulations, andagreements as may be added hereto, as provided in this policy.
IN WITNESS WHEREOF, this company has executed and attestedthese presents;
at
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Secretary President
In the event the domicile state of the company issuing thepolicy requires a Rhode Island company to have a countersignature affixed by alicensed resident agent to a policy issued in that state then in accordancewith the provisions of § 27-2-17, the form of the standard fire insurancepolicy shall in lieu of the foregoing execution and attestation clause containthe following execution and attestation clause: IN WITNESS WHEREOF, thiscompany has executed and attested these presents; but this policy shall not bevalid unless countersigned by the duly authorized agent of this company at
)
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Secretary President
Countersigned this . . . . . day of20 . . . .
Agent
1 Concealment, This entire policy shall be voidif, whether
2 fraud. before or after a loss, the insured will-
3 fully concealed or misrepresented any material
4 fact or circumstance concerning this insuranceor the subject
5 thereof, or the interest of the insured therein,or in the case of
6 any fraud or false swearing by the insuredrelating thereto.
7 Uninsurable This policy shall not coveraccounts, bills,
8 and excepted currency, deeds, evidences of debt,money, or
9 property. securities; nor, unless specificallynamed here-
10 on in writing, bullion or manuscripts.
11 Perils not This company shall not be liable forloss by
12 included. fire or other perils insured againstin this
13 policy caused, directly or indirectly, by: (a)
14 enemy attack by armed forces, including actiontaken by mili-
15 tary, naval, or air forces in resisting anactual or an immedi-
ately
16 impending enemy attack; (b) invasion; (c)insurrection; (d)
17 rebellion; (e) revolution; (f) civil war; (g)usurped power; (h)
18 order of any civil authority except acts ofdestruction at the time
19 of and for the purpose of preventing the spreadof fire, provided
20 that this fire did not originate from any ofthe perils excluded
21 by this policy; (i) neglect of the insured touse all reasonable
22 means to save and preserve the property at andafter a loss, or
23 when the property is endangered by fire inneighboring prem-
24 ises; (j) loss by theft.
25 Other Insurance. Other insurance may beprohibited or the
26 amount of insurance may be limited by an
27 endorsement attached hereto.
28 Conditions suspending or restricting insurance.Unless
29 otherwise provided in writing and added heretothis company
or companies shall not
30 be liable for loss occurring:
31 (a) While the hazard is increased by any meanswithin the con-
32 trol or knowledge of the insured; or
33 (b) While a described building, whetherintended for occupancy
34 by owner or tenant, is vacant or unoccupiedbeyond a period
of
35 sixty (60) consecutive days or
35A thirty (30) consecutive days subsequent to the date onwhich an
35B order is issued by the local building inspector pursuantto § 23-27.3-124.2,
35C whichever first occurs; or
36 (c) As a result of explosion or riot, unlessfire ensues, and in
37 that event for loss by fire only.
38 Other perils Any other peril to be insuredagainst or sub-
39 or subjects. ject of insurance to be covered inthis policy
40 shall be by endorsement in writing hereon or
41 added hereto.
42 Added provisions. The extent of the applicationof insurance
43 under this policy and of the contribution to
44 be made by this company in case of loss, andany other pro-
45 vision or agreement not inconsistent with theprovisions of this
46 policy, may be provided for in writing andadded hereto, but no
47 provision may be waived except such as by theterms of this
48 policy is subject to change.
49 Waiver No permission affecting this insuranceshall
50 provisions. exist, or waiver of any provisionis valid,
51 unless granted herein or expressed in writing
52 and added hereto. No provision, stipulation, orforfeiture shall
53 be held to be waived by any requirement orproceeding on the
54 part of this company relating to appraisal orto any examina-
55 tion provided for herein.
56 Cancellation This policy shall be cancelled atany time
57 of policy. at the request of the insured, inwhich case
58 this company shall, upon demand and sur-
59 render of this policy, refund the excess of thepaid premium
above
60 the customary short rates for the expired time.This pol-
61 icy may be cancelled at any time by thiscompany by giving
62 to the insured a thirty (30) days' writtennotice of cancellation except that when cancellation is for nonpayment ofpremium, a ten (10) days' written notice shall be required with
63 or without tender of the excess of the paidpremium above the
pro
64 rata premium for the expired time.
65 Notice of cancellation shall
66 state that the excess premium (if not tendered)will be promptly
67 re-funded.
68 Mortgagee If loss hereunder is made payable, inwhole
69 interests and or in part, to a designatedmortgagee not
70 obligations. named herein as the insured, thatinterest in
71 this policy may be cancelled by giving to that
72 mortgagee a ten (10) days' written notice of
73 cancellation.
74 If the insured fails to render proof of lossthe mortgagee, upon
75 notice, shall render proof of loss in the formherein specified
76 within sixty (60) days thereafter and shall besubject to the pro-
77 visions hereof relating to appraisal and timeof payment and of
78 bringing suit. If this company shall claim thatno liability ex-
79 isted as to the mortgagor or owner, it shall,to the extent of the
pay-
80 ment of loss to the mortgagee, be subrogated toall the mort-
81 gagee's rights of recovery, but withoutimpairing the mort-
gagee's
82 right to sue; or it may pay off the mortgagedebt and require
83 an assignment thereof and of the mortgage.Other provisions
84 relating to the interests and obligations ofthe mortgagee may
85 be added hereto by agreement in writing.
86 Pro rata liability. This company shall not beliable for a
87 greater proportion of any loss than the
88 amount hereby insured shall bear to the wholeinsurance cover-
89 ing the property against the peril involved,whether collectible
or not.
90 Requirements in The insured shall giveimmediate written
91 case loss occurs. notice to this company of anyloss, protect
92 the property from further damage, forth
with
93 separate the damaged and undamaged personalproperty, put
94 it in the best possible order, furnish acomplete inventory of
95 the destroyed, damaged, and undamaged property,showing in
96 detail quantities, costs, actual cash value andamount of loss
97 claimed; and within sixty (60) days after theloss, unless such
98 time is extended in writing by this company,the insured shall
99 render to this company a proof of loss, signedand sworn to by
100 the insured, stating the knowledge and beliefof the insured as
to
101 the following: the time and origin of theloss, the interest of the
102 insured and of all others in the property, theactual cash value
of
103 each item thereof and the amount of lossthereto, all encum-
104 brances thereon, all other contracts ofinsurance, whether valid
105 or not, covering any of the property, anychanges in the title,
106 use, occupation, location, possession, orexposures of the prop-
107 erty since the issuing of this policy, and bywhom and for what
108 purpose any building herein described and theseveral parts
109 thereof were occupied at the time of loss andwhether or not it
110 then stood on leased ground, and shall furnisha copy of all the
111 descriptions and schedules in all policiesand, if required, veri-
112 fied plans and specifications of any building,fixtures, or
machin-
113 ery destroyed or damaged. The insured, asoften as may be
114 reasonably required, shall exhibit to anyperson designated by
115 this company all that remains of any propertyherein described,
116 and submit to examinations under oath by anyperson named by
117 this company, and subscribe the same; and, asoften as may be
118 reasonably required, shall produce forexamination all books of
119 account, bills, invoices, and other vouchers,or certified copies
120 thereof if the originals are lost, at suchreasonable time and
place as
121 may be designated by this company or itsrepresentative, and
122 shall permit extracts and copies thereof to bemade.
123 Appraisal. In case the insured and thiscompany shall
124 fail to agree as to the actual cash value or
125 the amount of loss, then, on the writtendemand of either, each
126 shall select a competent and disinterestedappraiser and notify
127 the other of the appraiser selected withintwenty (20) days of
128 that demand. The appraisers shall first selecta competent and
129 disinterested umpire; and failing for fifteen(15) days to agree
130 upon the umpire, then, on request of theinsured or this com-
131 pany, the umpire shall be selected by a judgeof a court of
132 record in the state in which the propertycovered is located. The
133 appraisers shall then appraise the loss,stating separately ac-
tual
134 cash value and loss to each item; and, failingto agree, shall
135 submit their differences, only, to the umpire.An award in writ-
136 ing, so itemized, of any two (2) when filedwith this company
shall
137 determine the amount of actual cash value andloss. Each
138 appraiser shall be paid by the party selectinghim or her and
139 the expenses of appraisal and the umpireshall be paid by
140 the parties equally.
141 Company's It shall be optional with thiscompany to
142 options. take all, or any part, of theproperty at the
143 agreed or appraised value, and also to re-
144 pair, rebuild, or replace the propertydestroyed or damaged with
145 another of like kind and quality within areasonable time, on
146 giving notice of its intention so to do withinthirty (30) days
147 after the receipt of the proof of the lossherein required.
148 Abandonment. There can be no abandonment tothis com-
149 pany of any property.
150 When loss The amount of loss for which thiscompany
151 payable may be liable shall be payable sixty(60)
152 days after proof of loss, as herein provided,
153 is received by this company and ascertainmentof the loss is
154 made either by agreement between the insuredand this com-
155 pany expressed in writing or by the filingwith this company
156 of an award as herein provided.
157 Suit. No suit or action on this policy for therecov-
158 ery of any claim shall be sustainable in any
159 court of law or equity unless all therequirements of this policy
160 shall have been complied with, and unlesscommenced within
161 twenty-four (24) months next after inceptionof the loss.
162 Subrogation. This company may require from theinsured
163 an assignment of all rights of recovery.
164 against any party for loss to the extent thatpayment therefor
165 is made by this company.
Standard Fire Insurance Policy of the State of
Expires
Property
Assured
No. . . . . . . . . . . . . . . . . . . . . . . . . . . .
(COMPANY)
SEE THE BOOK FOR THE PROPER TABLE.