46.2-481 - Binder or endorsement in lieu of policy. - Virginia Statutes

§ 46.2-481. Binder or endorsement in lieu of policy.

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

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