29.1539 Open or valued policy.

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A policy is either an open policy, which is one wherein the value of the subject matter is not agreed upon but is left to be ascertained in case of loss, or a valued policy, which is one containing on its face an expressed agreement that the thing insured shall be valued at a specified sum. An open policy must not be written on real property for fire insurance or miscellaneous insurance.

History: 1974, PL 13-58 § 1.