58-43-10. Limit of liability on total loss.
Subject to the provisions of G.S. 58-43-5, when buildings insured against loss by fire and situated within the State are totally destroyed by fire, the company is not liable beyond the actual cash value of the insured property at the time of the loss or damage; and if it appears that the insured has paid a premium on a sum in excess of the actual value, he shall be reimbursed the proportionate excess of premium paid on the difference between the amount named in the policy and the ascertained values, with interest at six per centum (6%) per annum from the date of issue. (1899, c. 54, s. 40; Rev., s. 4756; C.S., s. 6419; 1949, c. 295, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 43 - General Regulations of Business Fire Insurance.
§ 58-43-1 - Performance of contracts as to devices not prohibited.
§ 58-43-10 - Limit of liability on total loss.
§ 58-43-15 - Policies for the benefit of mortgagees.
§ 58-43-25 - Limitation of fire insurance risks.
§ 58-43-30 - Agreements restricting insurance producer's commission; penalty.
§ 58-43-35 - Punishment for issuing fire policies contrary to law.