Ark. Code Ann. § 23-62-104 (2026)
Property insurance
As used in the Arkansas Insurance Code, unless the context otherwise requires, “property insurance” is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or cause and against loss consequential upon the loss or damage, other than noncontractual legal liability for the loss or damage.
History. Acts 1959, No. 148, § 75; A.S.A. 1947, § 66-2404.
Publisher's Notes. The Arkansas Insurance Code, referred to in this section, was originally enacted by Acts 1959, No. 148. Acts 1959, No. 148 is codified as set out in the note following § 23-60-101.
Case Notes
Bonds.
Fidelity bond executed by the insurers was surety insurance and not property insurance. Chandler Trailer Co. v. Lawyer's Sur. Corp., 535 F. Supp. 204 (E.D. Ark. 1982).
Type of Insurance.
In insured's suit against an insurer for breach of contract and negligence based on the insurer's failure to give notice of policy expiration and to pay on a grain-loss claim, genuine issues of material fact remained whether the insurance policy at issue could be both casualty insurance and property insurance, such that § 23-88-105 applied, given the broad statutory language concerning property insurance and § 23-62-101, which provides that an insurance policy can fall under two or more types of insurance. Thus, summary judgment in favor of the insurer was not appropriate. McClendon v. Farm Bureau Mut. Ins. Co., 2019 Ark. App. 216 (2019).
Cited: Douglass v. Nationwide Mut. Ins. Co., 323 Ark. 105, 913 S.W.2d 277 (1996).