The directors of every mutual assessment property and casualty insurer shall issue insurance policies requiring the insurer to pay all losses or damages caused by the risk insured against during the time the policy is in force. Payment shall not exceed the amount insured. There shall be attached to or included in each of those policies the portion of the bylaws that constitute a part of the policy contract. Bylaws or their amendments that are not a part of the policy contract shall not affect the policy contract unless they are included as a suitable endorsement mailed or delivered to the policyholder.
Code 1950, § 38-529; 1952, c. 317, § 38.1-673; 1954, c. 161; 1986, c. 562.
Structure Code of Virginia
Chapter 25 - Mutual Assessment Property and Casualty Insurers
§ 38.2-2502. Mutual assessment insurance authorized
§ 38.2-2504. Property beyond authorized territory
§ 38.2-2505. Risks limited to those specified in this chapter; personal liability for loss
§ 38.2-2506. What laws applicable
§ 38.2-2507. Conversion of mutual assessment property and casualty insurers
§ 38.2-2508. Incorporation of insurers
§ 38.2-2509. Directors; terms; annual meetings; voting; executive committee
§ 38.2-2511. How license obtained
§ 38.2-2512. Who may become members
§ 38.2-2513. Withdrawal and exclusion of members
§ 38.2-2514. Procedure upon exclusion of member
§ 38.2-2516. Issuance of policies; bylaws as part of contract
§ 38.2-2517. Policy forms to be filed
§ 38.2-2518. Assessment contract
§ 38.2-2519. Classification of risks; rates
§ 38.2-2520. Right to limit assessment liability
§ 38.2-2521. Notice of assessment; how given
§ 38.2-2522. Action to recover assessments; penalty
§ 38.2-2523. Notice of loss and adjustment
§ 38.2-2524. Proceeding when loss or damage exceeds cash on hand
§ 38.2-2525. Agents licenses required
§ 38.2-2526. Surplus to policyholders