Delaware Code Title 18 Sec. 5303 – Insuring powers
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(a) Such insurers shall have power to insure only real property and personal property incidental to such real property against the perils of fire, lightning and windstorm, together with perils customarily included under extended coverages.
Terms Used In Delaware Code Title 18 Sec. 5303
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
(b) The maximum amount of insurance which the insurer shall retain on any 1 subject of insurance, after deduction of applicable reinsurance, shall not exceed 10% of its admitted assets or $5,000, whichever is the larger amount. For the purposes of this subsection a “subject of insurance” shall have the meaning ascribed in § 909 (limits of risk) of this title.
18 Del. C. 1953, § ?5303; 56 Del. Laws, c. 380, § ?1;