§ 27-5-7 - Combination standard form. - Rhode Island Statutes

SECTION 27-5-7

   § 27-5-7  Combination standard form. –Two (2) or more insurers authorized to do the business of fire insurance inthis state may, with the approval of the director of business regulation, issuea combination standard form of fire insurance policy which shall contain thefollowing provisions:

   (1) A provision substantially to the effect that the insurersexecuting the policy shall be severally liable for the full amount of any lossor damage, according to the terms of the policy, or for specified percentagesor amounts of loss or damage, aggregating the full amount of the insuranceunder the policy; and

   (2) A provision substantially to the effect that service ofprocess, or of any notice or proof of loss required by the policy, upon any ofthe insurers executing the policy, shall be deemed to be service upon all ofthe insurers.