1.  A binder which is issued in accordance with NRS 687B.182 to 687B.187, inclusive, shall be deemed a policy for the purpose of proving that a person has insurance coverage.

Terms Used In Nevada Revised Statutes 687B.186

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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.  Any party to a contract or other agreement who refuses to accept such a binder as proof of insurance when that proof is required by that contract or agreement:

(a) Shall be fined not more than $500.

(b) Is liable to the party presenting the binder as proof of insurance for actual damages sustained therefrom.

3.  The provisions of this section do not apply to a binder related to a policy of insurance which provides coverage of at least $1,000,000.

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