By any contract of insurance of property or of any insurable interest therein, the insurer may in connection with a special provision or endorsement made a part of the policy insure the cost of repair or replacement of such property, if damaged or destroyed by a hazard insured against, and without deduction of depreciation, subject to such reasonable rules and regulations as may be made by the commissioner.
[ 1951 c 194 § 1;
1947 c 79 § .27.02; formerly Rem. Supp. 1947 § 45.27.02.]