ARTICLE 5. Loss

Article 5 enacted by Stats. 1935, Ch. 145.

§§ 8070–8078 · 9 sections

• § 8070 A member of such reinsurer, upon sustaining loss covered by reinsurance, shall immediately notify the president or secretary, stating the amount of loss.
• § 8071 The president and secretary shall proceed to ascertain the amount of such loss and make adjustment.
• § 8072 If the claim is for more than five thousand dollars ($5,000), the secretary shall forthwith notify each member of the executive committee. At each regular…
• § 8073 If in any case there is a failure of the parties to agree upon the amount of such loss they may submit the question of the amount to arbitration. In that event…
• § 8074 If the two arbitrators thus appointed fail to agree upon the amount of such loss, they shall select a third disinterested person to act with them.
• § 8075 Such arbitrators so appointed may examine witnesses and do all other things necessary to the proper determination of the amount of loss sustained by the…
• § 8076 The arbitrators shall make their award in writing to the president of the reinsurer and to the member. Such award shall be final as to the amount of the loss…
• § 8077 The pay of each arbitrator shall be five dollars per day for each day’s services rendered, and five cents for each mile necessarily traveled in the discharge…
• § 8078 The president and secretary of the reinsurer may secure the services of an adjuster to represent it on any loss, subject to confirmation by its executive…