§ 58-3-15. Additional or coinsurance clause. - North Carolina Statutes

§58‑3‑15.  Additional or coinsurance clause.

No insurance company or agentlicensed to do business in this State may issue any policy or contract ofinsurance covering property in this State that contains any clause or provisionrequiring the insured to take or maintain a larger amount of insurance thanthat expressed in the policy, nor in any way provide that the insured shall beliable as a coinsurer with the company issuing the policy for any part of theloss or damage to the property described in the policy, and any such clause orprovision shall be null and void, and of no effect: Provided, the coinsuranceclause or provision may be written in or attached to a policy or policiesissued when there is printed or stamped on the declarations page of the policyor on the form containing the clause the words "coinsurancecontract," and the Commissioner may, in the Commissioner's discretion,determine the location of the words "coinsurance contract" and thesize of the type to be used. If there is a difference in the rate for theinsurance with and without the coinsurance clause, the rates for each shall befurnished the insured upon request. (1915, c. 109, s. 5; C.S., s.6441; 1925, c. 70, s. 4; 1945, c. 377; 1947, c. 721; 1999‑132, s. 7.1.)