The Endorsements
Finally, the last pieces of a policy are the Endorsements.
These are the other pieces of paper your insurer sends you on a regular basis
(along with your bill and the Dec Pages). Issuing endorsements is how insurance
companies modify your policies. (Most of the time they do change your policy,
but sometimes these endorsements are not enforceable, but that’s a whole post
itself—stay tuned.) Yes, this is a bit annoying. It would be easier if they’d
just send you a new policy and tell you to throw the old one away.
Unfortunately, it doesn’t work that way.
Endorsements can change any part of the policy, so you should pay
attention to them. They can increase or decrease the limits, modify the
insuring clause to expand or reduce coverage, insert or delete an exclusion—you
get the picture. Don’t hesitate to call your agent/broker to ask how the change
effects you.
No comments:
Post a Comment