Rhode Island General Laws 27-9.4-4. Insurer obligations
An insurer that provides an insurance binder is obligated to provide the coverage according to the terms of such binder until the insurer issues the insurance policy or cancels the binder.
History of Section.
P.L. 2013, ch. 19, § 1; P.L. 2013, ch. 22, § 1.
Terms Used In Rhode Island General Laws 27-9.4-4
- Insurance binder: means a written temporary contract of insurance authorized by an insurer issued prior to the insurance policy that includes:
(i) The name and address of the insured and any additional named insureds, mortgagees, or lienholders;
(ii) A description of the property insured;
(iii) A description of the nature and amount of coverage;
(iv) The identity of the insurer and of the authorized representative executing the binder;
(v) The effective and expiration date of coverage; and
(vi) The binder number or the policy number where applicable to a policy extension. See Rhode Island General Laws 27-9.4-3
- Insurance policy: means a contract of insurance describing the term, coverage, premiums, and deductibles. See Rhode Island General Laws 27-9.4-3
- Insurer: means any organization that issues property or casualty insurance. See Rhode Island General Laws 27-9.4-3