§ 58-43-10. Limit of liability on total loss. - North Carolina Statutes

§58‑43‑10.  Limit of liability on total loss.

Subject to the provisions ofG.S. 58‑43‑5, when buildings insured against loss by fire andsituated within the State are totally destroyed by fire, the company is notliable beyond the actual cash value of the insured property at the time of theloss or damage; and if it appears that the insured has paid a premium on a sumin excess of the actual value, he shall be reimbursed the proportionate excessof premium paid on the difference between the amount named in the policy andthe ascertained values, with interest at six per centum (6%) per annum from thedate of issue. (1899, c. 54, s. 40; Rev., s. 4756; C.S., s. 6419;1949, c. 295, s. 2.)