38.2-1212 - Subscribers' liability. - Virginia Statutes

§ 38.2-1212. Subscribers' liability.

A. Each subscriber insured under an assessable policy shall have a contingentassessment liability for payment of actual losses and expenses incurred whilehis policy was in force. This shall be in the amount provided for in thepower of attorney or subscriber's agreement.

B. The contingent assessment liability on any one policy in any one calendaryear shall equal the premiums earned, as defined in § 38.2-1226, on thepolicy for that year multiplied by not less than one nor more than ten.

C. The contingent assessment liability shall not be joint, but shall beindividual and several.

D. Each assessable policy issued by the insurer shall plainly set forth astatement of the contingent assessment liability on the front of the policyin capital letters in no less than ten point type.

(1952, c. 317, §§ 38.1-702, 38.1-716; 1986, c. 562.)