The following insurance shall be authorized and
permitted to be written by Lloyds under this chapter:
(1)For the purpose of making insurance on dwelling-houses,
stores and all kinds of buildings and household furniture, and
other property against loss or damage, including loss of use or
occupancy, by fire, lightning, windstorm, tornado, cyclone,
earthquake, hail, frost or snow, bombardment, invasion,
insurrection, riots or civil war or commotion, military or usurped
power, and by explosion, whether fire ensues or not, except
explosions on risks specified in this section, and also against loss
or damage by water to any goods or premises arising from the
breakage or leakage of sprinklers, pumps, or other apparatuses
erected for extinguishing fires, and of water pipes, and against
accidental
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The following insurance shall be authorized and
permitted to be written by Lloyds under this chapter:
(1) For the purpose of making insurance on dwelling-houses,
stores and all kinds of buildings and household furniture, and
other property against loss or damage, including loss of use or
occupancy, by fire, lightning, windstorm, tornado, cyclone,
earthquake, hail, frost or snow, bombardment, invasion,
insurrection, riots or civil war or commotion, military or usurped
power, and by explosion, whether fire ensues or not, except
explosions on risks specified in this section, and also against loss
or damage by water to any goods or premises arising from the
breakage or leakage of sprinklers, pumps, or other apparatuses
erected for extinguishing fires, and of water pipes, and against
accidental injury to such sprinklers, pumps, or other apparatuses,
and upon vessels, boats, cargoes, goods, merchandise, freight, and
other property against loss or damage by all or any of the risks of
lake, river, canal, and inland navigation and transportation, as
well as by any or all of the risks of credit and upon automobiles,
whether stationary or being operated under their power, which
shall include all or any of the hazards of fire, explosions,
transportation, collision, loss by legal liability for damage to
property and to persons resulting from the maintenance and use
of automobiles and loss by burglary or theft or both.
(2) For the purpose of making insurance upon vessels, freights,
goods, wares, merchandise, specie, bullion, jewels, profits,
commissions, bank notes, bills of exchange and other evidence of
debt, bottomry and respondentia interests, and every insurance
appertaining to or connected with marine risks and risks of
transportation and navigation, including the risks of lake, river,
canal, and inland transportation and navigation, and to effect
reinsurance on any risk of the subscribers hereto, or any of said
risks wholly or in part, or the transfer thereof, and to accept any
authorized risk whether direct or by reinsurance.
(3) For the purpose of making insurance against loss or damage
resulting from accident to or injury sustained by an employee or
other person for which accident or injury the insured is liable.
Provided, that no such insurance shall be written by any Lloyds under
this chapter until such Lloyds shall have deposited with the department
of insurance of the state of Indiana the sum of twenty-five thousand
dollars ($25,000) in the direct or indirect obligations of the United
States or of any state of the United States. In the event the total of all
unsatisfied and unappealed from final awards made by the worker's
compensation board under IC 22-3-2 through IC 22-3-6 against any
Lloyds having made the above deposit shall exceed the amount of the
above said deposit, then the department of insurance may require such
Lloyds to make an additional deposit or deposits in cash in direct or
indirect obligations of the United States or of any state of the United
States in a sum equal to the difference between the amount of the
unsatisfied final awards and the amount of the deposit with the
department of insurance. The department of insurance is hereby
authorized and directed to receive such deposit or deposits and to hold
them exclusively for the protection of the holders of such insurance
policies. Any deposit so made shall not be withdrawn except upon
filing with the department of insurance evidence satisfactory to it that
such Lloyds has no unsecured liability outstanding in this state upon
any such insurance policy, and upon the approval of the department of
insurance such Lloyds may withdraw such deposit, except that the
above mentioned additional deposit may be withdrawn with the
approval of the department of insurance upon filing satisfactory
evidence that the total of all unsatisfied and unappealed from final
awards made by the worker's compensation board do not exceed the
amount of twenty-five thousand dollars ($25,000).
Formerly: Acts 1919, c.177, s.7; Acts 1937, c.143, s.1. As
amended by P.L.252-1985, SEC.224; P.L.28-1988, SEC.85.