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- Alaska Statutes.
- Title 21. Insurance
- Chapter 42. The Insurance Contract
- Section 200. Underwriters' and Combination Policies.
previous: Section 190
. Execution of Policies.
next: Section 205
. Coordination of Benefits.
AS 21.42.200. Underwriters' and Combination Policies.
- (a) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters'
policy bearing their names. Any one insurer may issue policies in the name of an underwriter's department and the
policy must plainly show the true name of the insurer.
- (b) Two or more insurers may, with the approval of the director, issue a combination policy which shall contain provisions
substantially as follows:
- (1) that the insurers executing the policy shall be severally liable for the full amount of loss or damage, according to
the terms of the policy, or for specified percentages or amounts thereof, aggregating the full amount of insurance
under the policy; and
- (2) that service of process, or of notice or proof of loss required by the policy, upon any of the insurers executing the
policy, constitutes service upon all the insurers.
- (c) This section does not apply to cosurety obligations.
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