1. Any number of persons may, by incorporating under chapter 491, enter into contracts with each other for the following kinds of insurance from loss or damage by:

 a. Any peril or perils resulting in physical loss of or damage to property.
 b. Theft of personal property.
 c. Injury, sickness, or death of animals and the furnishing of veterinary service.
 d. Any vehicle, excluding automobile or aircraft, including loss and expense resulting from the ownership, maintenance, or use thereof, but shall not include insurance against bodily injury to the person.

Terms Used In Iowa Code 518A.1

  • Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • property: includes personal and real property. See Iowa Code 4.1
 2. For the purpose of this protection these contracts of insurance shall be subject only to such provisions as are contained in this chapter and shall consist of:

 a. An application on blanks furnished by the association and signed by the insured or the insured’s representative, which may contain in addition to other provisions: 

 (1) The value of the property.
 (2) The proper description of the property.
 (3) The amount of other insurance and the encumbrance on the property.
 (4) Agreement to be governed by the articles of incorporation and bylaws in force at the time the policy is issued.
 (5) A representation that the foregoing statements are true as far as the same are known to the insured or material to the risk.
 (6) That the insurance shall take effect when approved by the secretary.
 b. A policy issued by the association in accordance with its rules, and approved by the commissioner of insurance.
 3. Such associations may insure risks of their members or may reinsure risks of other associations or companies.
 4. The words “persons” and “members” as used in this chapter shall be construed to mean trustees, administrators, and all other individuals, public or private corporations or associations.
 5. Insurance on the property of one or more minors may be granted on application of an adult parent, friend, or guardian who consents to become a member as representing such minor.
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