Nevada Revised Statutes 687B.183 – Binders: Forms; required statement related to certain policies; delivery of copies
Current as of: 2022 | Check for updates
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1. All written binders must be made on forms approved by the Commissioner.
Terms Used In Nevada Revised Statutes 687B.183
- binder: means an oral or written contract for temporary insurance which is used when a policy is not immediately issued to evidence that the coverage attaches at a specified time and continues until the policy is issued or the risk is declined. See Nevada Revised Statutes 687B.015
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. A binder related to a policy of insurance which provides coverage of less than $1,000,000 must contain a statement printed in at least 10-point bold type that any person who refuses to accept the binder as proof of insurance pursuant to the provisions of NRS 687B.186 is subject to the penalties provided in that section.
3. If a binder is in writing, one copy must be delivered either in person or by mailing first class to:
(a) The insured; and
(b) The insurer providing coverage under the binder, within 24 hours after the binder becomes effective.