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Iowa Code Title XIII. Commerce [Chs. 505-554D] § 518A.1. Organization--purpose and powers

Current as of January 01, 2024 | Updated by FindLaw Staff

1. Any number of persons may, by incorporating under chapter 491, enter into contracts with each other for the following kinds of insurance from loss or damage by:

a. Any peril or perils resulting in physical loss of or damage to property.

b. Theft of personal property.

c. Injury, sickness, or death of animals and the furnishing of veterinary service.

d. Any vehicle, excluding automobile or aircraft, including loss and expense resulting from the ownership, maintenance, or use thereof, but shall not include insurance against bodily injury to the person.

2. For the purpose of this protection these contracts of insurance shall be subject only to such provisions as are contained in this chapter and shall consist of:

a. An application on blanks furnished by the association and signed by the insured or the insured's representative, which may contain in addition to other provisions:

(1) The value of the property.

(2) The proper description of the property.

(3) The amount of other insurance and the encumbrance on the property.

(4) Agreement to be governed by the articles of incorporation and bylaws in force at the time the policy is issued.

(5) A representation that the foregoing statements are true as far as the same are known to the insured or material to the risk.

(6) That the insurance shall take effect when approved by the secretary.

b. A policy issued by the association in accordance with its rules, and approved by the commissioner of insurance.

3. Such associations may insure risks of their members or may reinsure risks of other associations or companies.

4. The words “persons” and “members” as used in this chapter shall be construed to mean trustees, administrators, and all other individuals, public or private corporations or associations.

5. Insurance on the property of one or more minors may be granted on application of an adult parent, friend, or guardian who consents to become a member as representing such minor.

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Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 518A.1. Organization--purpose and powers - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-518a-1/

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