Guam § 18609 - Total Loss by Fire or Miscellaneous Insurance:

§ 18609. Total Loss by Fire or Miscellaneous Insurance:

Recovery of Full Amount.

A fire or miscellaneous insurance policy, in case of a total

loss of any risk insured under the classes specified in this Title as

fire or miscellaneous insurance shall be held and considered to

be a liquidated demand against the insurer taking such risk for

the full amount stated in such policy, or the full amount upon

which the insurer charges, collects or receives a premium;

provided the provisions of this article shall not apply to personal

property. In the event of a total loss or destruction of any

personal property on which the amount of the appraisal or agreed

loss is less than the total amount insured thereon, the insurer

shall return to the insured the unearned premium for the excess

of insurance over the appraised or agreed loss, to be paid at the

same time and in the same manner as the loss shall be paid; and

the unearned premium shall be a just and legal claim against the

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insurer. [National Union Fire Ins. Co. v. Santos (1962), 303

F.2d. 309.]