20-1117

20-1117. Underwriters' and combination
policies

A. Two or more authorized insurers may jointly issue, and shall be jointly and
severally liable on, an underwriters' policy bearing their names. Any one insurer may
issue policies in the name of an underwriter's department and such policy shall plainly
show the true name of the insurer.

B. Two or more insurers may, with the approval of the director, issue a combination
policy which shall contain provisions substantially as follows:

1. That the insurers executing the policy shall be severally liable for the full
amount of any loss or damage, according to the terms of the policy, or for specified
percentages or amounts thereof, aggregating the full amount of insurance under the
policy.

2. That service of process, or of any notice or proof of loss required by such
policy, upon any of the insurers executing the policy, shall constitute service upon all
such insurers.

C. This section shall not apply to cosurety obligations.