299.390 Assessment contract -- Lien -- Notice and adjustment of loss.

154 words·~1 min read·/ky/chapter-299/299-390

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Every person insured by a company shall contract in such form as the company may

prescribe, which form shall be uniform between all the insured, to pay his pro rata

share of all losses or damages sustained by any member thereof from any cause

specified in the policy of the company. He shall also pay such reasonable sums for

expenses as the bylaws may require. The company shall have a lien upon the

property insured to secure the payment of assessments and calls made under the

policy.

(2)Every policyholder sustaining loss or damage from any cause specified in the policy

shall notify the president or secretary of the company within sixty

(60)days after the

loss or damage, and the proper officers of the company shall at once proceed to

ascertain and adjust the loss or damage in the manner provided by law and by the

articles and bylaws of the company.