New Hampshire § 407:11 Policy Value

New Hampshire Statutes

§ 407:11 — Policy Value

New Hampshire·Title XXXVII INSURANCE·Ch. 407 THE FIRE INSURANCE CONTRACT AND SUITS THEREON

I.If a building insured for a specified amount, whether under a separate policy or under a policy also covering other buildings, is totally destroyed by fire or lightning without criminal fault on the part of the insured or his assignee, the sum for which such building is insured shall be taken to be the value of the insured's interest therein unless overinsurance thereon was fraudulently obtained.

II.If an insured building is only partially destroyed by fire or lightning, the insured shall be entitled to the actual loss sustained not exceeding the sum insured.

III.Nothing contained in paragraphs I and II of this section shall be construed as prohibiting the use of coinsurance, or agreed amount.

IV.When a building is insured not for a specified amount but under a blanket form with one

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I. If a building insured for a specified amount, whether under a separate policy or under a policy also covering other buildings, is totally destroyed by fire or lightning without criminal fault on the part of the insured or his assignee, the sum for which such building is insured shall be taken to be the value of the insured's interest therein unless overinsurance thereon was fraudulently obtained.
II. If an insured building is only partially destroyed by fire or lightning, the insured shall be entitled to the actual loss sustained not exceeding the sum insured.
III. Nothing contained in paragraphs I and II of this section shall be construed as prohibiting the use of coinsurance, or agreed amount.
IV. When a building is insured not for a specified amount but under a blanket form with one amount covering 2 or more buildings or one or more buildings and personal property, the provisions of paragraph I of this section shall not apply.

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