38.2-2104 - Standard insuring agreement for fire insurance policies.
§ 38.2-2104. Standard insuring agreement for fire insurance policies.
A. Each policy shall provide space for listing amounts of insurance, rates,and premiums for the coverages provided in the policy and endorsementsattached to the policy, and shall show the location of the agency and thename and location of the insurer issuing the policy. Except as provided in §38.2-2107, each policy shall contain the following insuring agreement:
In consideration of the provisions and stipulations herein or added hereto and
of the premium above specified, this Company for the term of ............
.................... ...... At 12:01 A.M. ......... At 12:01 A.M.
.........
from ......... (Standard Time) to ......... (Standard
Time) at location of property involved, to an amount not exceeding the
amount(s) above specified, 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 are hereby made a part of
this policy, together with such other provisions, stipulations and agreements
as may be added hereto, as provided in this policy.
B. No change shall be made in the sequence of the words and paragraphs of theinsuring agreement except that additional matter relating to the coverageprovided under the policy and supplemental contracts or extended coverageendorsements may be inserted following any paragraph. The additional mattershall not be inconsistent or in conflict with the standard provisions forpolicies set out in this chapter, and shall conform with other applicablelaws relating to the regulation of fire insurance.
C. For the purpose of more accurate identification of the subject matter ormore accurate reference to other provisions, substitutions may be made in thestandard insuring agreement for the words "above specified,""hereinafter," or other similar terms; but no substitution shall be made ifthe purpose and intent of the contract is changed by the substitution.
(Code 1950, §§ 38-186, 38-190; 1950, pp. 994, 995; 1952, c. 317, §§ 38.1-365,38.1-367; 1986, c. 562.)