Insurance 101 – Chapter 3 – Volume 16 – More on Cancellation by Premium Finance Agency

More on Cancellation by Premium Finance Agency

To avoid the loss of coverage as an additional insured, it is imperative to determine whether or not the named insured had financed its premium and if so the additional insured must obtain a promise from the insurer, the named insured, or the premium finance company to give it notice of intent to cancel and/or cancellation of the policy. Since notice is not required by law the prudent insured will protect its own interests
by contract.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

 

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