§ 27-7-1-2 — Policies; filing; contents; special provisions

There shall be filed with the insurance
commissioner a copy of each form of policy by it issued. Said policies
shall show the name and address, as well as the amount of the
subscription of each subscriber, and shall be signed by the attorneys in
fact, and they shall contain the following special provisions:
First: Whenever, under the terms of this policy, notice or consent is
required to be given to or by the company, notice or consent given to
or by the attorney or attorneys in fact shall be sufficient compliance
therewith, and each underwriter hereon shall be bound thereby, the
same as though notice or consent had been given to or by each of such
underwriters individually.
Second: In no event, shall the liability of any underwriter exceed the
sum underwritten by the underwriter or underwriters hereon, and, in no
event, shall any underwriter be liable for any part of the sum
underwritten hereon by any other underwriter.
Third: The insured agrees by the acceptance of this policy that no
underwriter hereon shall, in any event, be liable for claims exceeding,
in the aggregate, on all policies, certificates or contracts issued on
behalf of the underwriter or underwriters, in the name of this Lloyds for
an amount in excess of the unpaid portion, if any, of the original
subscription or contribution of the underwriter or underwriters to said
Lloyds, as endorsed hereon.
Fourth: In case of action brought to enforce the provisions of this
policy, same shall be brought against the attorney or attorneys in fact
for the underwriters, as representing all of the said underwriters, and
each of the underwriters hereto hereby agrees to abide by the final
results of any suit so brought as fixing the proportionate amount of the
individual liability of the underwriter or underwriters.
Fifth: This policy is made and accepted subject to all the stipulations
and conditions contained therein, together with such other provisions,
agreements or conditions as may be endorsed hereon, or added hereto,
and as to such provisions and conditions, no officer, agent or
representative shall have such power or be deemed or held to have
waived such provisions or conditions unless such waiver, if any, shall
be endorsed upon or attached hereto, nor shall any privilege or
permission affecting the insurance under this policy exist or be claimed
by the assured unless so endorsed or attached.
Formerly: Acts 1919, c.177, s.2. As amended by P.L.148-2017,
SEC.10.