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:
     (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.

     History: En. Sec. 470, Ch. 286, L. 1959; R.C.M. 1947, 40-4803; amd. Sec. 2, Ch. 28, L. 1987; amd. Sec. 2, Ch. 334, L. 1993; amd. Sec. 1, Ch. 281, L. 1995; amd. Sec. 4, Ch. 228, L. 2001.