§ 27-5-7. Combination standard form.
Two (2) or more insurers authorized to do the business of fire insurance in this state may, with the approval of the director of business regulation, issue a combination standard form of fire insurance policy which shall contain the following provisions:
(1) A provision substantially to the effect 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 of loss or damage, aggregating the full amount of the insurance under the policy; and
(2) A provision substantially to the effect that service of process, or of any notice or proof of loss required by the policy, upon any of the insurers executing the policy, shall be deemed to be service upon all of the insurers.
History of Section.G.L. 1923, ch. 258, § 4; P.L. 1929, ch. 1359, § 1; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-7.
Structure Rhode Island General Laws
Chapter 27-5 - Fire Insurance Policies and Reserves
Section 27-5-1. - Standard fire insurance policy.
Section 27-5-2. - Compliance with standard policy required.
Section 27-5-3. - Form of standard policy.
Section 27-5-3.1. - Exclusion — Nuclear damage.
Section 27-5-3.2. - Property insurance.
Section 27-5-3.3. - Resident agent — Banks.
Section 27-5-3.4. - Cancellation or nonrenewal of standard fire insurance policy.
Section 27-5-3.5. - Earthquake coverage endorsement for property insurance.
Section 27-5-3.6. - Notice concerning flood insurance.
Section 27-5-3.8. - Rhode Island commission on hurricane loss projection methodology.
Section 27-5-3.9. - Vacant property.
Section 27-5-4. - Items shown at head of policy.
Section 27-5-5. - Inclusion of regulations of mutual insurer.
Section 27-5-6. - Binders and temporary insurance.
Section 27-5-6.1. - Notice concerning single interest hazard insurance.
Section 27-5-6.2. - Escrow accounts for insurance premiums.
Section 27-5-7. - Combination standard form.
Section 27-5-8. - Supplemental contract forms.
Section 27-5-9. - Standard form not required for reinsurance.
Section 27-5-9.1. - Simplified comprehensive policies of insurance.
Section 27-5-10. - Penalty for nonconforming policy — Validity.
Section 27-5-11. - Enforcement of standard policy requirements.
Section 27-5-12. - Declination of premium notes by mutual companies — Provision as to liability.
Section 27-5-13. - Mutual membership not acquired by reinsurance.
Section 27-5-14. - Reinsurance by mutual insurers — Agreements with policyholders.
Section 27-5-15. - Power to create guaranty surplus and special reserve funds.
Section 27-5-16. - Resolution to establish surplus and reserve funds — Certification of funds.
Section 27-5-17. - Restrictions on dividends — Payments into surplus and reserve funds.
Section 27-5-18. - Computation of profits.
Section 27-5-19. - Certification that funds equal capital stock — Subsequent additions.
Section 27-5-20. - Investment of guaranty surplus fund — Liability to payment of losses.
Section 27-5-21. - Deposit of special reserve fund.
Section 27-5-22. - Application of special reserve fund to protection of policyholders.
Section 27-5-23. - Annual statement of amounts of funds.
Section 27-5-24. - Maintenance of surplus fund equal to reserve fund.
Section 27-5-25. - Use of special reserve fund to replace capital stock.
Section 27-5-26. - Physical assets for protection of policyholders.
Section 27-5-27. - Making up of impairments of capital.
Section 27-5-28. - Maximum single risk insured.
Section 27-5-29. - Statement on policy as to surplus and reserve funds.
Section 27-5-30. - Funds established under prior law.
Section 27-5-31. - Termination of surplus and reserve fund method — Return of special reserve fund.