33-24-102. Insuring improvements -- insurance equal to true value. Whenever any policy of insurance is written to insure any improvements upon real property in this state against loss or damage and the property insured is considered to be a total loss, without criminal fault on the part of the insured or the insured's assigns, the amount of insurance written in the policy must be taken conclusively to be the true value of the property insured and the true amount of loss and measure of damages. The payment of money as a premium for insurance must be prima facie evidence that the party paying the insurance premium is the owner of the property insured. However, any insurance company may assert fraud in obtaining the policy as a defense to a suit on the policy.
History: En. Sec. 410, Ch. 286, L. 1959; R.C.M. 1947, 40-4302; amd. Sec. 25, Ch. 303, L. 1981; amd. Sec. 1236, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 24. Property Insurance
33-24-101. Measure of the indemnity -- rescission for fraud
33-24-102. Insuring improvements -- insurance equal to true value
33-24-103. Specific valuation -- loss equal to insured value
33-24-104. Tax lien on insured property destroyed by fire
33-24-105. Property insurance policy -- conformity with state statutes