A fire insurance policy shall contain a provision as follows: “It shall be optional with this company to take all, or any part, of the property at the agreed or appraised value, and also to repair, rebuild or replace the property destroyed or damaged with other of like kind and quality within a reasonable time, on giving notice of its intention so to do within 30 days after the receipt of the proof of loss herein required.”
ORS 742.234
Applied in 1 court decision — leading case 989 F. Supp. 2d 1070 - Hoffman v. Foremost Signature Insurance (2013)
Most recently applied in 989 F. Supp. 2d 1070 - Hoffman v. Foremost Signature Insurance (October 2013)
Formerly 743.651
Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.