Professional Documents
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Open
SEC. 60. An open policy is one in which the value of the thing insured is not
agreed upon, and the amount of the insurance merely represents the
insurers maximum liability. The value of such thing insured shall be
ascertained at the time of the loss.
2.
Valued
SEC. 61. A valued policy is one which expresses on its face an agreement
that the thing insured shall be valued at a specific sum.
3.
Running
Cover notes may be extended or renewed beyond such sixty (60) days with
the written approval of the Commissioner if he determines that such
extension is not contrary to and is not for the purpose of violating any
provisions of this Code. The Commissioner may promulgate rules and
regulations governing such extensions for the purpose of preventing such
violations and may by such rules and regulations dispense with the
requirement of written approval by him in the case of extension in
compliance with such rules and regulations.
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SEC. 52. Cover notes may be issued to bind insurance temporarily pending
the issuance of the policy. Within sixty (60) days after issue of a cover note,
a policy shall be issued in lieu thereof, including within its terms the identical
insurance bound under the cover note and the premium therefor.
G. Cancellation of Policy
SEC. 65. All notices of cancellation mentioned in the preceding section shall
be in writing, mailed or delivered to the named insured at the address shown
in the policy, or to his broker provided the broker is authorized in writing by
the policy owner to receive the notice of cancellation on his behalf, and shall
state:
(a) Which of the grounds set forth in Section 64 is relied upon; and