67A.14 INSURABLE PROPERTY.
Subdivision 1. Kinds of property.
(a) Township mutual fire insurance companies may insure
qualified property. Qualified property means dwellings, household goods, appurtenant structures,
farm buildings, farm personal property, churches, church personal property, county fair buildings,
community and township meeting halls and their usual contents.
(b) Township mutual fire insurance companies may extend coverage to include an insured's
secondary property if the township mutual fire insurance company covers qualified property
belonging to the insured. Secondary property means any real or personal property that is not
considered qualified property for a township mutual fire insurance company to cover under this
chapter. The maximum amount of coverage that a township mutual fire insurance company
may write for secondary property is 25 percent of the total limit of liability of the policy issued
to an insured covering the qualified property.
Subd. 2.[Repealed, 1975 c 15 s 22
Subd. 3.[Repealed, 1975 c 15 s 22
Subd. 4.[Repealed, 1975 c 15 s 22
Subd. 5. What may not be insured; property outside designated territory; exceptions.
(a) No township mutual insurance company shall insure any property in cities of the first or
(b) If by annexation or other growth in population a city, town, township or unorganized
territory or any portion thereof is reclassified into a city of the second class, a township mutual
insurance company may do business in that portion of the city in which it was authorized to do
business prior to the reclassification.
(c) A township mutual insurance company may insure any real or personal property,
including qualified or secondary property, subject to the limitations in subdivision 1, paragraph
(b), located outside of the limits of the territory in which the company is authorized by its
certificate or articles of incorporation to transact business, if the company is already covering
qualified property belonging to the insured, inside the limits of the company's territory.
(d) A township mutual fire insurance company may insure property temporarily outside of
the authorized territory of the township mutual insurance company.
(e) Except as otherwise provided in paragraph (b) or elsewhere in this chapter, a company
may operate in adjoining cities of the second class if approval has been granted by the
Subd. 6.[Repealed, 1975 c 15 s 22
Subd. 7. Amount of insurable risk.
No township mutual insurance company shall insure
or reinsure a single risk or hazard in a larger sum than the greater of $3,000, or one tenth of its
net assets plus two tenths of a mill of its insurance in force; provided that no portion of any such
risk or hazard which shall have been reinsured, as authorized by the laws of this state, shall be
included in determining the limitation of risk prescribed by this subdivision.
History: 1967 c 395 art 8 s 14; 1971 c 133 s 1; 1971 c 187 s 1; 1973 c 123 art 5 s 7; 1975 c
15 s 11,12; 1977 c 244 s 2,3; 1981 c 136 s 1; 1989 c 130 s 3,4; 2006 c 204 s 13