Indiana Code 27-1-42-12. Not a warranty
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Sec. 12. (a) A certificate of insurance must not contain a warranty that the policy of property or casualty insurance to which the certificate of insurance refers complies with the insurance or indemnification requirements of a contract.
(b) The inclusion of a contract number or contract description in a certificate of insurance does not warrant that the policy of property or casualty insurance to which the certificate of insurance refers complies with the insurance or indemnification requirements of the contract.
As added by P.L.70-2013, SEC.1.
Terms Used In Indiana Code 27-1-42-12
- certificate of insurance: means a document prepared by an insurer or insurance producer as evidence of property or casualty insurance coverage. See Indiana Code 27-1-42-2
- Contract: A legal written agreement that becomes binding when signed.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- property or casualty insurance: means one (1) or more of the kinds of insurance described in Class 2 and Class 3 of IC 27-1-5-1. See Indiana Code 27-1-42-8