DEFINITION IN SECTION 1812.001. A standardized form, such as an insurance policy form or endorsement, used by an insurer to write personal automobile, commercial automobile, inland marine, or residential property insurance in this state that does not contain personally identifiable information about an insured is referred to as a “specimen policy” in this chapter.
Acts 2013, 83rd Leg., R.S., Ch. 101 (S.B. 852), Sec. 1, effective September 1, 2013, were added by Acts 2013, 83rd Leg., R.S., Ch. 101 (S.B. 852), Sec. 1.
AVAILABILITY OF CERTAIN FORMS (Section 1812.002).
(a)Notwithstanding any other provision of this code relating to policy form delivery, an insurer may choose to make a personal automobile, commercial automobile, inland marine, or residential property insurance policy available to an insured by posting a sample policy on the insurer’s Internet website rather than through other authorized means.
Section 1812.003 must be followed by an insurer who makes the choice.
(b)An insurer shall send a copy of a specimen policy applicable to the insured that is posted on the insurer’s Internet website to the insured upon request and at no cost to the insured.
(c)An insurer’s specimen policy may be posted on the office’s Internet website by the office of public insurance counsel.
The publication of an insurer’s specimen policy on an Internet website, except as provided in Subsection (a), does not constitute a duty to comply with the provisions of this chapter.
Section 1812.003.NOTIFICATION OF AVAILABILITY OF CERTAIN FORMS
(a)An insurer that posts a specimen policy on its Internet website in accordance with this chapter must do the following when issuing or renewing a policy that incorporates the specimen policy:
(A)state that the sample policy is available on the insurer’s website; and (B)state that the sample policy is available on the insurer’s website.
(B)identify each posted specimen policy that is included into the insured’s policy in a clear manner;
(2)explain that an insured may acquire a copy of the sample policy from the insurer upon request and at no cost; and
(3)provide an electronic copy of the specimen policy to the department and the office of public insurance counsel, which may be placed on the department’s or the office’s Internet website.
(b)An insurer who posts a specimen policy or adjusts a posted specimen policy incorporated into an insured’s policy during the insured’s policy period must do so in writing and in the insurer’s usual way of communicating with the insured on the day the specimen policy is posted or amended:
(1)inform the insured that the sample policy can be seen on the insurer’s website;
(2)identify each new or amended specimen policy that has been included into the insured’s policy; and
(3)explain that the insured may acquire a copy of the sample policy from the insurer upon request and at no cost.
ACCESSIBILITY OF CERTAIN AVAILABLE FORMS (Section 1812.004)
Until no policy embodying the specimen policy is in force, a specimen policy posted on the insurer’s Internet page under this chapter must be:
(2)provided in a format that may be easily saved or printed using a commonly accessible and free computer program or application.
RETENTION OF CERTAIN AVAILABLE FORMS (Section 1812.005)
For at least five years after the last date a policy embodying the specimen policy is in force, an insurer that posts a specimen policy on its Internet website under this chapter must:
(2)provide a free printed or electronic copy of the sample policy upon request.
What is a specimen certificate of insurance?
Your clients may ask for confirmation of your insurance plans, such as Professional Liability, General Liability, and Workers Compensation, if you are an architect or engineer.
The certificate of insurance contains details about the insurance policies in effect at your company.
The policy numbers, effective dates, liability limitations, insurance company, and types of insurance are all listed on the certificate.
In the description of operations box of the certificate of insurance, there may be additional insured wording on the General Liability policy.
This box may also include wording regarding subrogation waivers, as well as primary and non-contributory contributions.
In the description of operations box, you can also enter the project name and number.
The certificate holder box is located at the bottom of the insurance certificate. The name and address of your firm’s clients will be listed here. This is necessary so that the certificate holder is notified if the policy is cancelled before the expiration date.
The’specimen’ certificate of insurance is frequently used to provide information on call for bids.
This is given to a prospective client of your firm to demonstrate that the policies in place and the limits on those policies match the contract requirements.
Keep in mind that the certificate of insurance does not contain all of the information found in the actual policy.
When determining a claim, the policy is ultimately the contract that will be referred to.
The certificate of insurance serves as a resource for both your company and your clients.
What does an insurance policy contain?
Details about the policy, such as the duration, number, and premium. Names and assets of those who are covered (if applicable). The dollar restrictions on your coverages, as well as your deductibles. The number of endorsements included in the policy or a list of them.
What are the general policies of insurance?
Fire, floods, accidents, man-made disasters, and theft are all covered by general insurance for your house, travel, automobile, and health (non-life assets). Motor insurance, health insurance, travel insurance, and home insurance are all examples of general insurance. A general insurance policy compensates the insured for losses sustained throughout the policy’s term.
What is the difference between insurance policy and insurance certificate?
A policy is a legal agreement between you and your insurer that specifies your coverage for a specific risk. Your insurance policy spells out who is protected, what kinds of hazards and damages your insurer will cover, and what situations are excluded. A certificate of insurance, on the other hand, is not a legal contract and serves just to offer proof of insurance as well as basic information about the insurance coverage you have purchased. It describes the most important aspects of insurance policies, making it simple for others to comprehend what insurance a company has and whether or not policies are active. A certificate of insurance cannot be obtained without the purchase of one or more insurance policies, and a COI is not a replacement for your insurance policy documentation.
It’s vital to remember that a certificate of insurance does not give coverage to your client; it only confirms your company’s insurance coverage. If you wish to add a customer to your policy as an additional insured party, you’ll have to negotiate with your insurer to do so.
Who should be the certificate holder on a certificate of insurance?
The individual who receives the COI from the insured is the certificate holder. The COI is given to the certificate holder by the insured to demonstrate that they have enough coverage.
What are the 3 main types of insurance?
In India, insurance can be split into three categories:
- Life insurance is a type of insurance that protects you from Life insurance, as the name implies, is insurance for your life.
- Health insurance is a need. Health insurance is purchased to cover the costs of pricey medical treatments.
How many separate requirements should an insurance policy have?
In order to be legally legitimate, an insurance contract must meet four requirements: it must be for a lawful purpose; the parties must have legal ability to contract; there must be proof of a meeting of minds between the insurer and the insured; and there must be payment or consideration.