New York Consolidated Laws, Insurance Law - ISC § 3404. Fire insurance contracts; standard policy provisions; permissible variations

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.]

and of ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ Dollars Premium

this Company,

)

(

at noon, Standard Time,

for the term

)

from the ․․․ day of ․․․, 19․․․

(

at location of property

of ․․․․․․․․․․․․․․․․․

)

to the ․․․ day of ․․․․, 19․․․․

(

involved,

does insure ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

and legal representatives, TO THE LESSER AMOUNT OF EITHER:

1) THE ACTUAL CASH VALUE OF THE PROPERTY AT THE TIME OF THE LOSS, OR

2) 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, OR

3) TO AN AMOUNT NOT EXCEEDING ........ DOLLARS, BUT IN ANY EVENT FOR NO 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. 

1

Concealment,

This entire policy shall be void if, whether

2

fraud.

before or after a loss, the insured has wil-

3

fully concealed or misrepresented any ma-

4

terial fact or circumstance concerning this insurance or the

5

subject thereof, or the interest of the insured therein, or in case

6

7

Uninsurable

This policy shall not cover accounts, bills,

8

    and

currency, deeds, evidences of debt, money or

9

excepted property.

securities; nor, unless specifically named

10

hereon in writing, bullion or manuscripts.

11

Perils not

This Company shall not be liable for loss by

12

included.

fire or other perils insured against in this

13

policy caused, directly or indirectly, by: (a)

14

enemy attack by armed forces, including action taken by mili-

15

tary, naval or air forces in resisting an actual or an immediately

16

impending enemy attack; (b) invasion; (c) insurrection; (d)

17

rebellion; (e) revolution; (f) civil war; (g) usurped power; (h)

18

order of any civil authority except acts of destruction at the time

19

of and for the purpose of preventing the spread of fire, provided

20

that such fire did not originate from any of the perils excluded

21

by this policy; (i) neglect of the insured to use all reasonable

22

means to save and preserve the property at and after a loss, or

23

when the property is endangered by fire in neighboring prem-

24

25

Other Insurance.

Other insurance may be prohibited or the

26

amount of insurance may be limited by en-

27

28

Conditions suspending or restricting insurance. Unless other-

29

wise provided in writing added hereto this Company shall not

30

31

(a) while the hazard is increased by any means within the con-

32

33

(b) while a described building, whether intended for occupancy

34

by owner or tenant, is vacant or unoccupied beyond a period of

35

36

(c) as a result of explosion or riot, unless fire ensue, and in

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38

Other perils

Any other peril to be insured against or sub-

39

or subjects.

ject of insurance to be covered in this policy

40

shall be by endorsement in writing hereon or

41

added hereto.

42

Added provisions.

The extent of the application of insurance

43

under this policy and of the contribution to

44

be made by this Company in case of loss, and any other pro-

45

vision or agreement not inconsistent with the provisions of this

46

policy, may be provided for in writing added hereto, but no pro-

47

vision may be waived except such as by the terms of this policy

48

49

Waiver

No permission affecting this insurance shall

50

provisions.

exist, or waiver of any provision be valid,

51

unless granted herein or expressed in writing

52

added hereto. No provision, stipulation or forfeiture shall be

53

held to be waived by any requirement or proceeding on the part

54

of this Company relating to appraisal or to any examination

55

56

Cancellation

This policy shall be cancelled at any time

57

of policy.

at the request of the insured, in which case

58

this Company shall, upon demand and sur-

59

render of this policy, refund the excess of paid premium above

60

the customary short rates for the expired time. This pol-

61

icy may be cancelled at any time by this Company by giving

62

to the insured a five days' written notice of cancellation with

63

or without tender of the excess of paid premium above the pro

64

rata premium for the expired time, which excess, if not ten-

65

dered, shall be refunded on demand. Notice of cancellation shall

66

state that said excess premium (if not tendered) will be re-

67

68

Mortgagee

If loss hereunder is made payable, in whole

69

interests and

or in part, to a designated mortgagee not

70

obligations.

named herein as the insured, such interest in

71

this policy may be cancelled by giving to such

72

mortgagee a ten days' written notice of can-

73

cellation.

74

If the insured fails to render proof of loss such mortgagee, upon

75

notice, shall render proof of loss in the form herein specified

76

within sixty (60) days thereafter and shall be subject to the pro-

77

visions hereof relating to appraisal and time of payment and of

78

bringing suit. If this Company shall claim that no liability ex-

79

isted as to the mortgagor or owner, it shall, to the extent of pay-

80

ment of loss to the mortgagee, be subrogated to all the mort-

81

gagee's rights of recovery, but without impairing mortgagee's

82

right to sue; or it may pay off the mortgage debt and require

83

an assignment thereof and of the mortgage. Other provisions

84

relating to the interests and obligations of such mortgagee may

85

86

Pro rata liability.

This Company shall not be liable for a greater

87

proportion of any loss than the amount

88

hereby insured shall bear to the whole insurance covering the

89

property against the peril involved, whether collectible or not.

90

Requirements in

The insured shall give immediate written

91

case loss occurs.

notice to this Company of any loss, protect

92

the property from further damage, forthwith

93

separate the damaged and undamaged personal property, put

94

it in the best possible order, furnish a complete inventory of

95

the destroyed, damaged and undamaged property, showing in

96

detail quantities, costs, actual cash value and amount of loss

97

claimed; and within sixty days after the loss, unless such time

98

is extended in writing by this Company, the insured shall render

99

to this Company a proof of loss, signed and sworn to by the

100

insured, stating the knowledge and belief of the insured as to

101

the following: the time and origin of the loss, the interest of the

102

insured and of all others in the property, the actual cash value of

103

each item thereof and the amount of loss thereto, all encum-

104

brances thereon, all other contracts of insurance, whether valid

105

or not, covering any of said property, any changes in the title,

106

use, occupation, location, possession or exposures of said prop-

107

erty since the issuing of this policy, by whom and for what

108

purpose any building herein described and the several parts

109

thereof were occupied at the time of loss and whether or not it

110

then stood on leased ground, and shall furnish a copy of all the

111

descriptions and schedules in all policies and, if required, verified

112

plans and specifications of any building, fixtures or machinery

113

destroyed or damaged. The insured, as often as may be reason-

114

ably required, shall exhibit to any person designated by this

115

Company all that remains of any property herein described, and

116

submit to examinations under oath by any person named by this

117

Company, and subscribe the same; and, as often as may be

118

reasonably required, shall produce for examination all books of

119

account, bills, invoices and other vouchers, or certified copies

120

thereof if originals be lost, at such reasonable time and place as

121

may be designated by this Company or its representative, and

122

123

Appraisal.

In case the insured and this Company shall

124

fail to agree as to the actual cash value or

125

the amount of loss, then, on the written demand of either, each

126

shall select a competent and disinterested appraiser and notify

127

the other of the appraiser selected within twenty days of such

128

demand. The appraisers shall first select a competent and dis-

129

interested umpire; and failing for fifteen days to agree upon

130

such umpire, then, on request of the insured or this Company,

131

such umpire shall be selected by a judge of a court of record in

132

the state in which the property covered is located. The ap-

133

praisers shall then appraise the loss, stating separately actual

134

cash value and loss to each item; and, failing to agree, shall

135

submit their differences, only, to the umpire. An award in writ-

136

ing, so itemized, of any two when filed with this Company shall

137

determine the amount of actual cash value and loss. Each

138

appraiser shall be paid by the party selecting him and the ex-

139

penses of appraisal and umpire shall be paid by the parties

140

equally.

141

Company's

It shall be optional with this Company to

142

options.

take all, or any part, of the property at the

143

agreed or appraised value, and also to re-

144

pair, rebuild or replace the property destroyed or damaged with

145

other of like kind and quality within a reasonable time, on giv-

146

ing notice of its intention so to do within thirty days after the

147

148

Abandonment.

There can be no abandonment to this Com-

149

150

When loss

The amount of loss for which this Company

151

payable.

may be liable shall be payable sixty days

152

after proof of loss, as herein provided, is

153

received by this Company and ascertainment of the loss is made

154

either by agreement between the insured and this Company ex-

155

pressed in writing or by the filing with this Company of an

156

157

Suit.

No suit or action on this policy for the recov-

158

ery of any claim shall be sustainable in any

159

court of law or equity unless all the requirements of this policy

160

shall have been complied with, and unless commenced within

161

162

Subrogation.

This Company may require from the insured

163

an assignment of all right of recovery against

164

any party for loss to the extent that payment therefor is made

165

Standard Fire Insurance Policy of the States of

Expires____________________________________________________________________________________________

Property___________________________________________________________________________________________

Assured____________________________________________________________________________________________

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 uni-

form at once.