40-1001. Mutual company for insurance against fire, lightning, tornado, hail or explosion; exceptions; extended coverage endorsements; limitations.
40-1001
40-1001. Mutual company for insurance against fire, lightning,tornado, hail or explosion; exceptions; extended coverage endorsements;limitations.Any number of persons not less than twenty-five (25), citizens of thisstate, each of whom shall be a property owner and who shall owncollectively property of not less than one hundred thousand dollars($100,000) in value in one of the classes as hereinafter set forth,which they desire to have insured, may form an incorporated company forthe purpose of the mutual insurance of its members against loss ordamage by fire, lightning, tornado, hail or explosion, other than theexplosion of steam boilers or the breaking of flywheels, and thoseclasses of coverage included in the extended coverage endorsement asprovided in K.S.A. 40-1002. Theextended coverage endorsement shall be deemed to include the classes ofcoverage now or hereafter defined by statute or by ruling of thecommissioner of insurance: Provided, Explosion, other than theexplosion of steam boilers or the breaking of flywheels, insurance andthe classes of coverage included in the extended coverage endorsementshall be written only on property included in the first class under theprovisions of K.S.A. 40-1002 and anyamendments thereto.
History: L. 1927, ch. 231, 40-1001; L. 1943, ch. 185, § 1; L. 1953, ch. 230, §1; June 30.