17:37-6 - Limited liability of insured in certain companies - New Jersey Statutes

17:37-6.  Limited liability of insured in certain companies
    Any mutual fire insurance company organized by special act of the Legislature prior to the year 1875 may provide in the policy of insurance a limited liability of the insured to pay upon call during the existence of the policy any portion or all of the premium not paid in cash, notwithstanding, and  in lieu of, any provision in the act incorporating the company for the deposit  by the insured of a promissory note for the portion of premium not paid in cash  and it shall not be necessary for any company to impose any limited liability  to be paid upon call or to require the deposit of a promissory note when a  policy is issued for a cash premium only, in pursuance of the authority of  section 17:28-3.

     Amended by L.1954, c. 152, p. 656, s. 2.