CODE OF VIRGINIA

BINDER OR ENDORSEMENT IN LIEU OF POLICY (§ 46.2-481)

Insurance carriers authorized to issue policies as provided in this chapter may,
pending the issuance of the policy, execute an agreement to be known as a
binder, which shall not be valid beyond sixty days from the date it becomes
effective, or may, in lieu of a policy, issue an endorsement to an existing
policy, each of which shall be construed to provide indemnity or protection in
like manner and to the same extent as a formal policy.  The provisions of this
chapter apply to these binders and endorsements.

HISTORY: Code 1950, § 46-500; 1958, c. 541, § 46.1-513; 1989, c. 727.