by hadababyitsaboy » Thu Sep 02, 2010 04:37 pm
What are the rules for cancelling policies specifically those that are from non admitted insurers. Is there a time frame that will allow the company to get off of the risks lets say due to inspection issues or non disclosure...
Thank you!!!
Thank you!!!
Posted: Fri Sep 03, 2010 03:10 am Post Subject:
Is there a time frame that will allow the company to get off of the risks lets say due to inspection issues or non disclosure
If you have coverage under a binder, the insurance company may be able to get off the risk immediately if you fail to cooperate with an inspection request, or if you have made any material misrepresentations, or concealed any material information (intentionally or unintentionally).
Some binders state that you may be covered for 5-20 days after a notice of cancellation has been sent, intended to give you time to find a different insurer. You have to read your binder for more information.
Whether the insurer is admitted or nonadmitted is entirely immaterial. Any state laws apply to both equally.
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