the LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. .... day of of .... [CH. 76 ...... 19.... at noon, (standard time), to the ......day of 19.... at noon, (standard time), against all direct loss or damage by fire, except as hereinafter provided, to an amount not exceeding dollars, to the following described property, while located and contained as described herein, and not elsewhere, to wit: additional It is hereby agreed that the insured may obtain $..... insurance in companies authorized to do business in the state of Iowa. II. This company shall not be liable beyond the actual cash value of the property covered by this policy at the time any loss or damage occurs, and said liability shall in no event exceed what it would cost the insured to repair or replace the property lost or damaged with material of like kind and quality. The sum for which this company is liable pursuant to this policy, shall be payable forty days after due notice and proofs of loss have been received by this company in accordance with law. III. This policy shall. be void if the insured has concealed or misrepresented any material fact or circumstance concerning this insurance or the subject thereof. IV. Unless otherwise provided by agreement of this company this policy shall be void: (a) If the insured now has or shall hereafter procure any other contract of insurance valid or invalid on the property covered in whole or in part by this policy; or (b) If the subject of insurance be a manufacturing establishment, and it cease to be operated for more than ten consecutive days; or (c) If the building herein described, whether intended for occupancy by the owner or tenant be or become vacant or unoccupied and so remain for ten consecutive days; or (d) If the interest of the insured be other than unconditional and sole ownership; or (e) If the subject of insurance be a building on ground not owned by the insured; or (f) If any change other than by death of the insured whether by legal proceedings, judgment, voluntary act of the insured or otherwise, take place in the interest, title, possession or use of the subject of insurance, if such change in the possession or use makes the risk more hazardous; or (g) If the subject of insurance or a part thereof (as to the part so encumbered) be or become encumbered by lien, mortgage or otherwise created by voluntary act of the insured or within his control; or (h) If the property insured or any part thereof (as to the part so removed) be removed to any other building or location than that specified in the policy; or (i) If this policy be assigned before loss. V. Unless otherwise provided by agreement of this company, this policy shall be void: (a) If the subject of insurance be a manufacturing establishment, and it be operated in whole or in part at night later than 10 o'clock; or (b) If the hazard be increased by any means within the knowledge of the insured; or (c) If mechanics be employed in building altering or repairing the within described premises for more than fifteen days at any one time; or (d) If illuminating gas or vapor be generated in any building covered hereby, or on any premises adjacent thereto for use upon the insured premises; or CH. 76] LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. (e) If there be kept, used, or allowed on the within described premises benzine, benzole, dynamite, ether, fireworks, gasoline, Greek fire, gunpowder, exceeding twenty-five pounds in quantity, naphtha, nitroglycerine, or other explosives, phosphorous, calcium carbide, petroleum or any of its products of greater inflammability than kerosene of lawful standard, which last named article may be used for lights and kept for sale according to law, in quantities not exceeding five barrels; or (f) If the insured permits the property which is the subject of insurance, or any part thereof, to be used for any unlawful purpose. Provided that nothing contained in paragraph five herein shall operate to avoid this policy in any case, if the insured shall establish that the failure to observe and comply with such provisions and conditions did not contribute to the loss. VI. This company shall not be liable for loss caused directly or indirectly by invasion, insurrection, riot, civil war, or military or usurped power, or by theft, or by neglect of the insured to use all reasonable means to save and preserve the property during and after a fire, or when the property is endangered by fire in neighboring premises; or (unless fire ensues, and, in that event, for damage by fire only) by explosion of any kind or by lightning; but liability for direct damage by lightning may be assumed by specific agreement. VII. This company shall not be liable for loss or damage to any property covered by this policy if the insured shall fail to pay any written obligation given to the company for the premium or any assessment or installment of premium when due; provided the company shall have given the insured notice as required by law. Upon payment and acceptance by the company of the delinquent premium, assessment or installment of premium before loss occurs, or after loss, if the company shall have had notice thereof and accepts such payment, this policy shall be revived and in full force according to its terms. VIII. If a building or any part thereof fall, except as the result of fire, all insurance by this policy on such building, or its contents, shall immediately cease. IX. This company shall not be liable for loss to accounts, bills, currency, deeds, evidences of debt, money, notes or securities; nor, unless liability is specifically assumed thereon, for loss to awnings, bullion, casts, curiosities, drawings, dies, implements, jewels, manuscripts, medals, models, patterns, pictures, scientific apparatus, signs, store or office furniture or fixtures, sculpture, plate glass, frescoes or decorations; or property held in storage or for repairs; nor, beyond the actual value destroyed by fire for loss occasioned by ordinance or law regulating construction or repairs of buildings, or by interruption of business, manufacturing processes or otherwise. X. Any application, survey, plan, or description of property signed by the insured and referred to in this policy shall, when a copy is attached hereto, be a part of this contract, and shall be held to be a representation and not a warranty. XI. This policy shall be cancelled at any time at the request of the insured; or by the company by giving five days notice of such cancellation either by registered letter directed to the insured at his last known address, or by personal written notice. If this policy shall be cancelled as herein before provided, or becomes void or cease, the premium having been actually paid, the unearned portion shall be returned on surrender of this policy or last renewal, this company retaining the customary short rates; except that when LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. [CH. 76 this policy is cancelled by this company by giving notice it shall retain only the pro rate premium. XII. If, with the consent of this company, an interest under this policy shall exist in favor of a mortgagee or of any person or corporation having an interest in the subject of insurance other than the interest of the insured as described herein, the provisions and conditions herein before contained shall apply in the manner expressed in such provisions and conditions of insurance. relating to such interest, as shall be agreed upon by the company. XIII. If property covered by this insurance is so endangered by fire as to require removal to a place of safety, and is so removed, that part of this policy in excess of its proportion of any loss and of the value of property remaining in the original location, shall, for the ensuing five days only, cover the property so removed in the new location; if removed to more than one location, such excess of this policy shall cover therein for such five days in the proportion that the value in any one new location bears to the value in all such new locations; but this company shall not in any case of removal, whether to one or more locations, be liable beyond the proportion that the amount hereby insured shall bear to the total valid and collectible insurance on the whole property at the time of fire, whether the same cover in new location or not. XIV. If loss occur the insured shall as soon as practicable after he ascertains the fact of such loss, give notice in writing thereof to the company, protect the property from further damage, forthwith separate the damaged and undamaged personal property, and put it in the best possible order, and shall, within sixty days from date of loss, furnish this company with notice thereof in writing accompanied by affidavit stating the facts as to how the loss occurred and the extent thereof, so far as such facts are within his knowledge. XV. The insured, as often as reasonably required, shall exhibit to any person designated by this company, all that remains of any property herein described as to which a claim for loss or damage is made, and submit to examination under oath by any person named by this company, and subscribe the same, and, as often as 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 place as may be designated by this company or its representatives, and shall permit extracts and copies thereof to be made; provided, however, that this company shall not be held to have waived any of the provisions or conditions of this policy or any forfeiture thereof by any examination or investigation herein provided for. XVI. This company shall not be liable under this policy for a greater proportion of any loss on the described property, or for loss by and expense of removal from premises endangered by fire, than the amount hereby insured shall bear to the whole amount of valid and collectible insurance covering such property. XVII. No suit or action on this policy, for the recovery of any claim thereon, shall be sustainable in any court of law or equity, unless commenced within twelve months next after the right of action for the loss accrues. XVIII. Wherever in this policy the word "insured" occurs, it shall be held to include the legal representative of the insured, and wherever the word "loss", occurs, it shall be deemed the equivalent of "loss or damage". XIX. This policy is issued and accepted subject to the foregoing stipulations and conditions, together with such other provisions, agreements, or conditions now or hereafter specifically authorized by law as may be endorsed hereon or added hereto. CH. 77] LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. In witness whereof, this company has executed and attested these presents. SEC. 3. Violations-penalty. Any insurance company, its officers or agents, or either of them, violating any of the provisions of this act, by issuing, delivering or offering to issue or deliver any policy of fire insurance on property in this state other or different from the standard form, herein provided for, shall be guilty of a misdemeanor, and upon complaint made by the auditor of state, or by any citizen of this state, shall, upon conviction thereof, be punished by a fine of not less than fifty dollars nor more than one hundred dollars for the first offense, and not less than one hundred dollars nor more than two hundred dollars for each subsequent offense, but any policy so issued or delivered shall, nevertheless, be binding upon the company issuing or delivering the same, and such company shall, until the payment of such fine, be disqualified from doing any insurance business in this state; but any policy so issued or delivered shall, nevertheless, be binding upon the company issuing or delivering the same. SEC. 4. Existing statutes-waiver in interest of insured. Nothing contained in this act nor any provisions or conditions in the standard form of policy provided for herein, shall be deemed to repeal or in any way modify any existing statutes nor to prevent any insurance company issuing such policy, from waiving any of the provisions or conditions contained therein, if the waiver of such provisions or conditions shall be in the interest of the insured. Approved April 13, A. D. 1907. CHAPTER 77. SOLICITATION AND USE OF PROXIES BY INSURANCE COMPANIES. H. F. 360. AN ACT to regulate the soliciting and using of proxies by insurance companies. [Additional to chapters four (4), five (5), six (6), seven (7) and eight (8) of title nine (IX) of the code.] Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Voting by proxies-conditions. Any insurance company or association organized under the laws of this state, may provide in its articles of incorporation, that its members or stockholders may vote by proxies, voluntarily given, upon all matters of business coming before the stated or called meetings of the stockholders or members, including the election of directors. No proxy shall be valid unless signed and executed within two months prior to such meeting or election for which said proxy was given, and such proxy shall be limited to thirty days subsequent to the date of such meeting or election, and may be revoked at any time by the policy holder or stockholder who executed the said proxy. All proxies shall be filed with the company at least one day prior to an election at which they are to be used. LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. [CH. 79 SEC. 2. Solicitation by agents-expenditure of funds. Soliciting of proxies by an agent of the company either for personal use or for the use of officers of the company or association, or for any other persons, is forbidden. Nor shall any of the funds of a company or association be expended in procuring proxies. SEC. 3. Penalty. Any violation of this act shall be deemed a misdemeanor and punishable accordingly. Approved April 4, A. D. 1907. CHAPTER 78. EXAMINATION OF INSURANCE COMPANIES. H. F. 2. AN ACT to amend the law which appears as chapter fifty-six (56), acts of the Thirtieth General Assembly, relating to examination of insurance companies. Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Compensation of insurance examiner. That the law which appears as chapter fifty-six (56) acts of the Thirtieth General Assembly, be and the same is hereby amended by striking out of line four (4) of section three (3) of said chapter, the word "two" and inserting in lieu thereof the word "three". SEC. 2. In effect. This act, being deemed of immediate importance, shall take effect and be in force from and after the date of its publication in the Des Moines Daily Capital and Register and Leader, newspapers published in the city of Des Moines, Iowa. Approved February 9, A. D. 1907. I hereby certify that the foregoing act was published in the Register and Leader. and the Des Moines Capital, February 12, 1907. W. C. HAYWARD, CHAPTER 79. INSURANCE COMPANIES ORGANIZED UPON THE STOCK PLAN. S. F. 42. AN ACT relating to the capital stock of insurance companies, providing the conditions under which such companies shall operate upon the stock plan, prohibiting the advertising of an authorized capital, and providing penalties for the violation hereof. [Additional to chapters four (4) and six (6) of title nine (IX) of the code.] Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Capital stock-minimum amount. From and after the taking effect of this act, no insurance company shall be incorporated to transact business upon the stock plan, whether life insurance or insurance other than life, with less than one hundred thousand dollars ($100,000) capital, the entire amount of which shall be fully paid up in cash and invested as provided by law. No part of the capital referred to, shall be loaned to any officer or stockholder of the company. |