§ 4848.
128 words·~1 min read·
/vt/title-8/chapter-132/4848A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 4848. Subscribers’ liability
(a)The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several and proportionate liability, and not joint.
(b)Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers’ agreement, for payment of actual losses and expenses incurred while his or her policy was in force.
(c)Each assessable policy issued by the insurer shall contain a statement of the contingent liability, set in type of the same prominence as the insuring clause. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2013, No. 29, § 46, eff. May 13, 2013.)