612.31 Authorized business. (1) PROPERTY INSURANCE. (a) General. Subject to other provisions of this section, a town mutual may insure a member against loss or damage from any cause to any property in which the member has an interest. (b) Extensions. 1. Insurance authorized under par. (a) may include insurance against loss of use of or loss of income from property including interruption of business activity caused by loss or damage to the property. 2. Insurance authorized under par. (a) may include replacement cost coverage. (2) LIMITATIONS ON PROPERTY INSURANCE. (a) Windstorm and hail insurance. 1. No town mutual may insure a member against loss to growing crops by windstorm or hail. 2. No town mutual may insure a member against loss to property by windstorm or hail unless approval of the members is obtained under s. 612.12. 3. A town mutual insuring a member against loss to property by windstorm or hail must obtain reinsurance under s. 612.33 (2) (a). (b) Burglary and plate glass. A town mutual may insure a member against loss of property by burglary or theft or against the breakage of glass whether in a specified location or in transit
TOWN MUTUALS
612.32
but may do so only as a coverage supplemental to fire and extended coverage insurance on the property. (c) Limitations by rule. The commissioner may by rule exclude any insurance authorized under sub. (1) or (3) if he or she finds that it cannot be successfully transacted by town mutuals without endangering the interests of insureds or the public. (3) NONPROPERTY INSURANCE. Subject to the voting requirement of s. 612.12 (1) (d) and the reinsurance requirement of s.