515.138 Fire insurance contract--standard policy provisions--permissible
variations.
First. The printed form of a policy of fire insurance as set forth
in subsection sixth shall be known and designated as the "standard policy"
to be used in the state of Iowa.
Second. Standard policy, additions, riders and clauses. It shall be
unlawful for any insurance company to issue any policy of fire insurance
upon any property in this state except upon automobiles, airplanes, seaplanes,
dirigibles, or other aircraft, farm crops until stored, marine and inland
marine risks other or different from the standard form of fire insurance
policy herein set forth.
There shall be printed at the head of said policy the name of the insurer
or insurers issuing the policy; the location of the home office thereof;
a statement whether said insurer or insurers are stock or mutual corporations
or are reciprocal insurers; and subject to the approval of the commissioner
of insurance, there may be added thereto such device or devices as the insurer
or insurers issuing said policy shall desire. Provided, however, that any
company organized under special charter provisions may so indicate upon
its policy, and may add a statement of the plan under which it operates in this state.
The standard policy provided for herein need not be used for effecting
reinsurance between insurers.
If the policy is issued by a mutual, co-operative or reciprocal insurer
having special regulations with respect to the payment by the policyholder
of assessments, such regulations shall be printed upon the policy, and any
such insurer may print upon the policy such regulations as may be required
by its home state or appropriate to its form of organization.
Third. Binders or other contracts for temporary insurance may be made
and shall be deemed to include all the terms of such standard policy and
all such applicable endorsements as may be designated in such contract of
temporary insurance; except that the cancellation clause of such standard
policy, and the clause thereof specifying the hour of the day at which the
insurance shall commence, may be superseded by the express terms of such
contract of temporary insurance.
Fourth. Two or more insurers authorized to do in this state the business
of fire insurance, may, with the approval of the commissioner of insurance,
issue a combination standard form of policy which shall contain the following:
a. A provision substantially to the effect that the insurers executing
such 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 thereof, aggregating the full amount of such insurance under such
policy.
b. A provision substantially to the effect that service of process, or of
any notice or proof of loss required by such policy, upon any of the insurers
executing such policy, shall be deemed to be service upon all such insurers.
Fifth. Appropriate forms of other contracts or endorsements, insuring
against one or more of the perils incident to the ownership, use or occupancy
of said property, other than fire and lightning, which the insurer is empowered
to assume, may be used in connection with the standard policy. Such forms of
other contracts or endorsements attached or printed thereon may contain
provisions and stipulations inconsistent with the standard policy if applicable
only to such other perils. The pages of the standard policy may be renumbered
and rearranged to provide space for the listing of rates and premiums for
coverages insured thereunder or under endorsements attached or printed thereon,
and such other data as may be included for duplication on daily reports for
office records. An insurer may issue a policy, either on an unspecified basis
as to coverage or for an indivisible premium, which contains coverage against
the peril of fire and substantial coverage against other perils, if such policy
includes provisions with respect to the peril of fire which are the substantial
equivalent of the minimum provisions of such standard policy, provided further
the policy is complete as to all its terms of coverage without reference to any
other document and is approved in accordance with section 515.109.
Sixth. The form of the standard policy (with permission to substitute
for the word "company" a more accurate descriptive term for the type of
insurer) shall be as follows:
FIRST PAGE OF STANDARD FIRE POLICY
No. . . .
(Space for insertion of name of company or companies issuing the policy
and other matter permitted to be stated at the head of the policy.)
(Space for listing amounts of insurance, rates and premiums for the basic
coverages insured under the standard form of policy and for additional
coverages or perils insured under endorsements attached.)
IN CONSIDERATION OF THE PROVISIONS AND STIPULATIONS HEREIN OR ADDED HERETO
AND OF . . . . DOLLARS PREMIUM this company, for the term of . . . . . .
from the . . . . day of . . . . . . , 19. . . , to the . . . . day of
. . . . . . , 19. . . , at noon, Standard Time, at location of property involved,
to an amount not exceeding . . . . . . Dollars, does insure . . . . . . . . and
legal representatives, to the extent of the actual cash value of the property
at the time of loss, but not exceeding the amount which it would cost to
repair or replace the property with material of like kind and quality within
a reasonable time after such loss, without allowance for any increased cost
of repair or reconstruction by reason of any ordinance or law regulating
construction or repair, and without compensation for loss resulting from
interruption of business or manufacture, nor in any event for more than
the interest of the insured, against all DIRECT LOSS BY FIRE, LIGHTNING
AND BY REMOVAL FROM PREMISES ENDANGERED BY THE PERILS INSURED AGAINST IN
THIS POLICY, EXCEPT AS HEREINAFTER PROVIDED, to the property described
hereinafter while located
or contained as described in this policy, or pro rata for five days at each
proper place to which any of the property shall necessarily be removed for
preservation from the perils insured against in this policy, but not elsewhere.
Assignment of this policy shall not be valid except with the written
consent of this company.
This policy is made and accepted subject to the foregoing provisions and
stipulations and those hereinafter stated, which are hereby made a part of this
policy, together with such other provisions, stipulations and agreements as may
be added hereto, as provided in this policy.
IN WITNESS WHEREOF, this company has executed and attested these presents;
but this policy shall not be valid unless countersigned by the duly authorized
agent of this company at . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
Secretary. President.
Countersigned this . . .
day of . . . . . . , 19. . . .
. . . . . . . . .
Agent.
SECOND PAGE OF STANDARD FIRE POLICY
Concealment--fraud. This entire policy shall be void if, whether before
or after a loss, the insured has willfully concealed or misrepresented any
material fact or circumstance concerning this insurance or the subject thereof,
or the interest of the insured therein, or in case of any fraud or false
swearing by the insured relating thereto.
Uninsurable and excepted property. This policy shall not cover accounts,
bills, currency, deeds, evidences of debt, money or securities; nor, unless
specifically named hereon in writing, bullion or manuscripts.
Perils not included. This company shall not be liable for loss by fire
or other perils insured against in this policy caused, directly or indirectly,
by: (a) Enemy attack by armed forces, including action taken by military,
naval or air forces in resisting an actual or an immediately impending enemy
attack; (b) invasion; (c) insurrection; (d) rebellion; (e)
revolution; (f) civil war; (g) usurped power; (h) order of any
civil authority except acts of destruction at the time of and for the purpose
of preventing the spread of fire, provided that such fire did not originate
from any of the perils excluded by this policy; (i) neglect of the insured
to use all reasonable means to save and preserve the property at and after
a loss, or when the property is endangered by fire in neighboring premises;
(j) nor shall this company be liable for loss by theft.
Other insurance. Other insurance may be prohibited or the amount of
insurance may be limited by endorsement attached hereto.
Conditions suspending or restricting insurance. Unless otherwise provided
in writing added hereto this company shall not be liable for loss occurring:
a. While the hazard is increased by any means within the control or
knowledge of the insured; or
b. While a described building, whether intended for occupancy by owner or
tenant, is vacant or unoccupied beyond a period of sixty consecutive days; or
c. As a result of explosion or riot, unless fire ensue, and in that event
for loss by fire only.
Other perils or subjects. Any other peril to be insured against or subject
of insurance to be covered in this policy shall be by endorsement in writing
hereon or added hereto.
Added provisions. The extent of the application of insurance under this
policy and of the contribution to be made by this company in case of loss, and
any other provision or agreement not inconsistent with the provisions of this
policy, may be provided for in writing added hereto, but no provision may be
waived except such as by the terms of this policy is subject to change.
Waiver provisions. No permission affecting this insurance shall exist, or
waiver of any provision be valid, unless granted herein or expressed in writing
added hereto. No provision, stipulation or forfeiture shall be held to be
waived by any requirement or proceeding on the part of this company relating to
appraisal or to any examination provided for herein.
Cancellation of policy. This policy shall be canceled at any time at the
request of the insured, in which case this company shall, upon demand and
surrender of this policy, refund the excess of paid premium above the customary
short rates for the expired time. This policy may be canceled at any time by
this company by giving to the insured a five days' written notice of
cancellation with or without tender of the excess of paid premium above the pro
rata premium for the expired time, which excess, if not tendered, shall be
refunded on demand. Notice of cancellation shall state that said excess
premium (if not tendered) will be refunded on demand.
Mortgagee interests and obligations. If loss hereunder is made payable, in
whole or in part, to a designated mortgagee not named herein as the insured,
such interest in this policy may be canceled by giving to such mortgagee a ten
days' written notice of cancellation.
If the insured fails to render proof of loss such mortgagee, upon notice,
shall render proof of loss in the form herein specified within sixty days
thereafter and shall be subject to the provisions hereof relating to appraisal
and time of payment and of bringing suit. If this company shall claim that no
liability existed as to the mortgagor or owner, it shall, to the extent of
payment of loss to the mortgagee, be subrogated to all the mortgagee's rights
of recovery, but without impairing mortgagee's right to sue; or it may pay off
the mortgage debt and require an assignment thereof and of the mortgage. Other
provisions relating to the interests and obligations of such mortgagee may be
added hereto by agreement in writing.
Pro rata liability. This company shall not be liable for a greater
proportion of any loss than the amount hereby insured shall bear to the whole
insurance covering the property against the peril involved, whether collectible
or not.
Requirements in case loss occurs. The insured shall give immediate written
notice to this company of any loss, protect the property from further damage,
forthwith separate the damaged and undamaged personal property, put it in the
best possible order, furnish a complete inventory of the destroyed, damaged and
undamaged property, showing in detail quantities, costs, actual cash value and
amounts of loss claimed; AND WITHIN SIXTY DAYS AFTER THE LOSS, UNLESS SUCH
TIME IS EXTENDED IN WRITING BY THIS COMPANY, THE INSURED SHALL RENDER TO THIS
COMPANY A PROOF OF LOSS, signed and sworn to by the insured, stating the
knowledge and belief of the insured as to the following: The time and origin
of the loss, the interest of the insured and of all others in the property, the
actual cash value of each item thereof and the amount of loss thereto, all
encumbrances thereon, all other contracts of insurance, whether valid or not,
covering any of said property, any changes in the title, use, occupation,
location, possession or exposures of said property since the issuing of this
policy, by whom and for what purpose any building herein described and the
several parts thereof were occupied at the time of loss and whether or not it
then stood on leased ground, and shall furnish a copy of all the descriptions
and schedules in all policies and, if required, verified plans and
specifications of any building, fixtures or machinery destroyed or damaged.
The insured, as often as may be reasonably required, shall exhibit to any
person designated by this company all that remains of any property herein
described, and submit to examinations under oath by any person named by this
company, and subscribe the same; and, as often as may be reasonably required,
shall produce for examination all books of account, bills, invoices and other
vouchers, or certified copies thereof if originals be lost, at such reasonable
time and place as may be designated by this company or its representative, and
shall permit extracts and copies thereof to be made.
Appraisal. In case the insured and this company shall fail to agree as to
the actual cash value or the amount of loss, then, on the written demand of
either, each shall select a competent and disinterested appraiser and notify the
other of the appraiser selected within twenty days of such demand. The
appraisers shall first select a competent and disinterested umpire; and failing
for fifteen days to agree upon such umpire, then, on request of the insured or
this company, such umpire shall be selected by a judge of a court of record in
the state in which the property covered is located. The appraisers shall then
appraise the loss, stating separately actual cash value and loss to each item;
and, failing to agree, shall submit their differences, only, to the umpire. An
award in writing, so itemized, of any two when filed with this company shall
determine the amount of actual cash value and loss. Each appraiser shall be
paid by the party selecting the appraiser and the expenses of appraisal and umpire shall
be paid by the parties equally.
Company's options. It shall be optional with this company to take all, or
any part, of the property at the agreed or appraised value, and also to repair,
rebuild or replace the property destroyed or damaged with other of like
kind and quality within a reasonable time, on giving notice of its intention so
to do within thirty days after the receipt of the proof of loss herein
required.
Abandonment. There can be no abandonment to this company of any property.
When loss payable. The amount of loss for which this company may be liable
shall be payable sixty days after proof of loss, as herein provided, is
received by this company and ascertainment of the loss is made either by
agreement between the insured and this company expressed in writing or by the
filing with this company of an award as herein provided.
Suit. No suit or action on this policy for the recovery of any claim shall
be sustainable in any court of law or equity unless all the requirements of
this policy shall have been complied with, and unless commenced within twelve
months next after inception of the loss.
Subrogation. This company may require from the insured an assignment of
all right of recovery against any party for loss to the extent that payment
therefor is made by this company.
THIRD PAGE OF STANDARD FIRE POLICY
+a
Attach Form Below This Line
@a
FOURTH PAGE OF STANDARD FIRE POLICY
+a
Standard Fire Insurance Policy
@a
Expires . . . . . . . . .
Property . . . . . . . . .
Total
Amount $ . . . . . Premium $ . . . . . . . . .
Insured . . . . . . . . .
SEE INSIDE OF POLICY FOR PERILS COVERED
No.
(Space of approximately two (2) inches for use of
Agent or Insurer.)
(Space of approximately two (2) inches for use of
Agent or Insurer.)
It is important that the written portions of all policies covering the
same property read exactly alike. If they do not, they should be made
uniform at once.
Section History: Early form
[C97, § 1743, 1744, 1746; S13, § 1742-a, 1743, 1744, 1746,
1758-a, 1758-b; C24, § 8979, 8982, 8983, 8986, 8996, 9017, 9018; C27, 31, 35,
§ 8979, 8982, 8983, 8986, 8996, 9017, 9018, 9021-a1; C39, § 8979, 8982, 8983,
8986, 8996, 9017, 9018, 9021.1; C46, § 515.99, 515.103, 515.104, 515.107,
515.117, 515.138, 515.139, 515.143; C50, 54, 58, 62, 66, 71, 73, 75, 77,
79, 81, § 515.138]
Internal References
Referred to in § 515.108, 515.139, 515.140, 515.141
Previous Section 515.137
Next Section 515.139
© 1999 Cornell College and
League of Women Voters of Iowa
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Last update: Thu Mar 18 15:00:31 CST 1999
URL: /DOCS/IACODE/1999/515/138.html
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