Effective 28 Aug 1963

379.160. Form of policy to be filed — coinsurance clause. — 1. Each fire insurance company doing business in the state of Missouri is hereby required to file the form of policy for use by it in the state of Missouri, covering the responsibilities of the companies as well as the duties of the assured, to be classed and known as the standard fire insurance policy. Said policy form may be approved by the director of the department of commerce and insurance of the state, and no policy shall be issued in this state carrying risks by fire or lightning by any company which does not embrace the form filed and approved of, as herein provided. There may be printed upon such policy the words "Standard Fire Insurance Policy for Missouri" and there may be inserted before and after the word "Missouri" a designation of any state or states or territory in which such form is standard.

2. All such policies shall have an address of the company in the United States fully printed thereon, to which, in case of loss, the assured may send notice of such loss, and to which notice shall be given within sixty days after the loss.

3. The appearance of an adjuster of any company at the place of fire and loss in which said company is interested by reason of an insurance on such property, shall be considered evidence of notice and to be held as a waiver of the same on the part of the company; provided, that on any policies issued upon property, real or personal, or real and personal, there may be attached a coinsurance clause; and provided further, that when a coinsurance clause is attached to any policy a reduction in rate shall be given therefor, in accordance with coinsurance credits that are now or may hereafter be filed as a part of the public rating record in the office of the director of the department of commerce and insurance in this state, by fire insurance companies, that have been or shall hereafter be approved by the director of the department of commerce and insurance; provided further, that in all suits brought upon policies of insurance against loss or damage by fire hereafter issued or renewed, the defendant shall not be permitted to deny that the property insured thereby was worth at the time of the issuing of the policy the full amount insured therein on said property covering both real and personal property; and provided further, that nothing in this section shall be construed to repeal or change the provisions of section 379.140.

­­--------

(RSMo 1939 § 5940, A.L. 1957 p. 214, A.L. 1963 p. 498)

Prior revisions: 1929 § 5829; 1919 § 6239; 1909 § 7030

(1960) Insurer would not be heard to deny that the actual value of a house trailer at the time policy issued was the full amount for which it was insured. Gould v. M.F.A. Mut. Ins. Co. (A.), 331 S.W.2d 663.

(1964) Measure of damages in suit on fire insurance policy in absence of fraud is arbitrarily fixed at the amount for which property was insured, less depreciation, and court is foreclosed from considering whether insured, if it recovers on more than one policy, will have received more insurance than property was worth. MFA Mutual Ins. Co. v. Southwest Baptist Col., Inc. (Mo), 381 S.W.2d 797.

(1970) The valued policy laws of Missouri are not limited in their application to insurance against loss by fire of improvements on real property but apply as well to policies of fire insurance on personal property. Prior cases to the contrary were overruled. Duckworth v. United States Fidelity and Guaranty Co. (A.), 452 S.W.2d 280.

(1973) Insuror held liable for value in policy less depreciation from that value, not replacement costs. Citizens Discount and Investment Corp. v. Dixon (A.), 499 S.W.2d 231.

(1985) Where truck mounted drilling rig was destroyed by fire, the insured was entitled under this section to recover the face value of the policy less depreciation since the date of the policy. Snow v. Admiral Insurance Co., 612 F.Supp. 206 (D.C. Ark.).