Chap. 208.—An ACT to amend and reenact Section 3, as amended, of Chapter
256, Acts of Assembly of 1928, approved March 19, 1928, relating to Steele
mental Contracts in connection with fire insurance policies. [H 386]

Approved March 12, 1948

Be it enacted by the General Assembly of Virginia:

1. That section three, as amended, of chapter two hundred
fifty-six, Acts of Assembly, nineteen hundred twenty-eight, ap-
proved March nineteenth, nineteen hundred twenty-eight, be
amended and reenacted as follows:

Section 3. Supplemental contract—Appropriate forms of sup-
plemental contract or contracts or extended coverage endorsements
whereby the interests in the property described in such policy shall
be insured against one or more of the perils which the insurer
is empowered to assume, in addition to the perils covered by said
standard fire insurance policy, may be approved by the State Cor-
poration Commission and their use in connection with a standard
fire insurance policy may be authorized by the Commission.
Appropriate forms of supplemental contract or contracts or ex-
tended coverage endorsements whereby the interest in an insured
building, including building service equipment, a part thereof,
described in such policy, may be (1) indemnified for the difference
between the actual cash value of the property at the time of the
loss and the cost of repair or replacement, on the same site, with
new materials of like kind and quality and without deduction for
depreciation, within a reasonable time after such loss, (2) indemni-
fied for the additional cost by reason of any ordinance or law, in
force at the time of loss, which necessitates the demolition of any
portion of the insured property, and (3) indemnified for any
increased cost of repair or replacement by reason of any ordinance
or law regulating construction or repair of the building, may be
approved by the State Corporation Commission and their use in
connection with a standard fire insurance policy may be authorized
by the Commission. The first page of the policy may, in form
approved by the State Corporation Commission, be rearranged to
provide space for the listing of amounts of insurance, rates and
premiums for the basic coverages insured under the standard form
of policy and for additional coverages or perils insured under
endorsements attached, and such other data as may be conveniently
included for duplication on daily reports for office records.