policies - Property insurable. 1. A county mutual insurance company may not insure any property beyond the company's authorized territory of operation except as provided in subsection 2 of section 26.1 -13-12 and except that this territorial limitation does not apply to reinsurance contracts. 2. A policy may not be issued to exceed five years. 3. A policy may not be issued covering property located within the platted limits of an incorporated city in this state , except the policy may provide coverage as specified under sections 26.1-13-14 and 26.1-13-16 within the platted limits of the incorporated city on: a. The place of residence; b. A rental property that is no larger than a four residential rental unit; c. A nonresidential property that is not used by the general public; or d. A nonresidential property that is part of an existing policy. 4. The company may insure all property located outside of incorporated cities within the limits of the company's territory, as provided under section 26.1-13-02. 5. Policies issued under subsection 3 on property located within the platted limits of an incorporated city with a population over ten thousand must conform to rules adopted by the commissioner establishing requirements for underwriting risks and safeguarding financial solvency. A company's net written premiums of the current year in cities with a population over ten thousand may not exceed thirty -five percent of the gross written premiums of the previous year. 6. A policy issued by the company, if the policy so provides, may cover loss or damage to livestock, personal property, vehicles, and farm machinery while temporarily removed from the premises of the insured to other locations.
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