687B.183 - Binders: Forms; required statement; delivery. - Nevada Statutes

687B.183  Binders: Forms; required statement; delivery.

      1.  All written binders must be made on forms approved by the Commissioner.

      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,

Ê within 24 hours after the binder becomes effective.

      (Added to NRS by 1983, 1120; A 1985, 1161)