612.31 Authorized business.
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/wi/chapter-612/612-31-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
612.31 Authorized business.
(1)Property insurance.
(a)General. Subject to other provisions of this section, a town mutual may insure a member against loss or damage from any cause to any property in which the member has an interest.
(b)Extensions.
1. Insurance authorized under par.
(a)may include insurance against loss of use of or loss of income from property including interruption of business activity caused by loss or damage to the property.
2. Insurance authorized under par.
(a)may include replacement cost coverage.
(2)Limitations on property insurance.
(a)Windstorm and hail insurance.
1. No town mutual may insure a member against loss to growing crops by windstorm or hail.
2. No town mutual may insure a member against loss to property by windstorm or hail unless approval of the members is obtained under s. 612.12 .
3. A town mutual insuring a member against loss to property by windstorm or hail must obtain reinsurance under s. 612.33
(a).