33-4-501. Insuring powers in general. (1) In respect to property insurance as defined in 33-1-210, a farm mutual insurer shall insure against loss or damage by fire or other casualty only:

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(a)rural dwellings and buildings, including the usual contents, farm livestock, machinery, vehicles, growing crops, and other forms of farm property owned by a member of the insurer or by the member’s spouse;

(b)residential dwellings, appurtenant structures, and personal property owned by a member of the insurer or by the member’s spouse;

(c)dwellings and related buildings designed for occupancy by not over four families, together with the usual contents;

(d)rural schoolhouses and buildings used in connection with the schoolhouse, rural community houses, rural churches, or other rural public buildings.

(2)A farm mutual insurer may insure against the liability risks provided in 33-1-206(1)(b):

(a)only to the extent of the limit of risks provided in 33-4-502(3); and

(b)if contingent liability exists, provided that every policy contains a statement that each member of the farm mutual insurer is subject to a contingent liability under 33-3-411.