40-1002.Classification of insurable property.In companies organized under the provisions of this article, theproperty to be insured shall be classified as follows:
(1) Dwelling houses, barns, except livery or hotel barns, accompanyingoutbuildings and their contents, schoolhouses, schoolhouse furniture,churches, church furniture, community, lodge or township halls, andcommunity, lodge or township hall furniture, farm implements, hay, grainother than hail on growing crops, wool and other products, livestock,wagons, carriages, harness, household goods, wearing apparel, provisions,musical instruments, and libraries, being upon farms as farm property, orin dwellings, or in accompanying outbuildings, or in schoolhouses, or inchurches, that constitute detached risks in villages and cities andbelonging to the members of the company. All risks in cities and villageswhich shall be fifteen feet or more from any contiguous risk shall bedeemed detached within the meaning of this section.
(2) To include all risks on buildings used for merchandising andmanufacturing, and the goods, wares, machinery and implements containedtherein; and all other property not included in the first class.
The business of each class shall be conducted separately andindependently of the other, and in no case shall an assessment be made bythe company upon the premium notes of one class to pay the losses orexpenses of the other class; and any company doing business under thisarticle may elect to confine their business to either the first or secondclass, or to embrace both; and whenever any change is made in the characterof their business in this respect, it shall be done at a regular meeting ofthe directors and by the vote of two-thirds of all the directors, whichresolution shall be filed with the bylaws in the office of the secretary ofstate: Provided, That any company, organized under the provisions ofthis article to write insurance of the first class, having not less thanten million dollars of insurance in force, and having a reserve fund of notless than five thousand dollars for each one million dollars of insurancein force, fire and wind to be counted separately and the reserve to bebased upon the sum of both such fire and wind, may write insurance on anyrisk mentioned and described as "second class." No such company shall hold,without reinsurance, aggregate "second class" risks in one block of morethan five percent of its reserve funds: Provided, That any companyconfining its risks solely to those of "first class" shall at no time carryrisks in cities and villages to exceed twenty-five percent of the amount ofthe total insurance in force: Provided further, That no such businessof the "second class" shall be written and placed with the business of the"first class," until the writing of such risks of the second class shallhave been approved by an affirmative vote of two-thirds of all thedirectors in regular session assembled or at a meeting of the board ofdirectors called for that specific purpose.
40-1002.Classification of insurable property.In companies organized under the provisions of this article, theproperty to be insured shall be classified as follows:
(1) Dwelling houses, barns, except livery or hotel barns, accompanyingoutbuildings and their contents, schoolhouses, schoolhouse furniture,churches, church furniture, community, lodge or township halls, andcommunity, lodge or township hall furniture, farm implements, hay, grainother than hail on growing crops, wool and other products, livestock,wagons, carriages, harness, household goods, wearing apparel, provisions,musical instruments, and libraries, being upon farms as farm property, orin dwellings, or in accompanying outbuildings, or in schoolhouses, or inchurches, that constitute detached risks in villages and cities andbelonging to the members of the company. All risks in cities and villageswhich shall be fifteen feet or more from any contiguous risk shall bedeemed detached within the meaning of this section.
(2) To include all risks on buildings used for merchandising andmanufacturing, and the goods, wares, machinery and implements containedtherein; and all other property not included in the first class.
The business of each class shall be conducted separately andindependently of the other, and in no case shall an assessment be made bythe company upon the premium notes of one class to pay the losses orexpenses of the other class; and any company doing business under thisarticle may elect to confine their business to either the first or secondclass, or to embrace both; and whenever any change is made in the characterof their business in this respect, it shall be done at a regular meeting ofthe directors and by the vote of two-thirds of all the directors, whichresolution shall be filed with the bylaws in the office of the secretary ofstate: Provided, That any company, organized under the provisions ofthis article to write insurance of the first class, having not less thanten million dollars of insurance in force, and having a reserve fund of notless than five thousand dollars for each one million dollars of insurancein force, fire and wind to be counted separately and the reserve to bebased upon the sum of both such fire and wind, may write insurance on anyrisk mentioned and described as "second class." No such company shall hold,without reinsurance, aggregate "second class" risks in one block of morethan five percent of its reserve funds: Provided, That any companyconfining its risks solely to those of "first class" shall at no time carryrisks in cities and villages to exceed twenty-five percent of the amount ofthe total insurance in force: Provided further, That no such businessof the "second class" shall be written and placed with the business of the"first class," until the writing of such risks of the second class shallhave been approved by an affirmative vote of two-thirds of all thedirectors in regular session assembled or at a meeting of the board ofdirectors called for that specific purpose.
40-1002.Classification of insurable property.In companies organized under the provisions of this article, theproperty to be insured shall be classified as follows:
(1) Dwelling houses, barns, except livery or hotel barns, accompanyingoutbuildings and their contents, schoolhouses, schoolhouse furniture,churches, church furniture, community, lodge or township halls, andcommunity, lodge or township hall furniture, farm implements, hay, grainother than hail on growing crops, wool and other products, livestock,wagons, carriages, harness, household goods, wearing apparel, provisions,musical instruments, and libraries, being upon farms as farm property, orin dwellings, or in accompanying outbuildings, or in schoolhouses, or inchurches, that constitute detached risks in villages and cities andbelonging to the members of the company. All risks in cities and villageswhich shall be fifteen feet or more from any contiguous risk shall bedeemed detached within the meaning of this section.
(2) To include all risks on buildings used for merchandising andmanufacturing, and the goods, wares, machinery and implements containedtherein; and all other property not included in the first class.
The business of each class shall be conducted separately andindependently of the other, and in no case shall an assessment be made bythe company upon the premium notes of one class to pay the losses orexpenses of the other class; and any company doing business under thisarticle may elect to confine their business to either the first or secondclass, or to embrace both; and whenever any change is made in the characterof their business in this respect, it shall be done at a regular meeting ofthe directors and by the vote of two-thirds of all the directors, whichresolution shall be filed with the bylaws in the office of the secretary ofstate: Provided, That any company, organized under the provisions ofthis article to write insurance of the first class, having not less thanten million dollars of insurance in force, and having a reserve fund of notless than five thousand dollars for each one million dollars of insurancein force, fire and wind to be counted separately and the reserve to bebased upon the sum of both such fire and wind, may write insurance on anyrisk mentioned and described as "second class." No such company shall hold,without reinsurance, aggregate "second class" risks in one block of morethan five percent of its reserve funds: Provided, That any companyconfining its risks solely to those of "first class" shall at no time carryrisks in cities and villages to exceed twenty-five percent of the amount ofthe total insurance in force: Provided further, That no such businessof the "second class" shall be written and placed with the business of the"first class," until the writing of such risks of the second class shallhave been approved by an affirmative vote of two-thirds of all thedirectors in regular session assembled or at a meeting of the board ofdirectors called for that specific purpose.
