North Dakota § 26.1-39-23 Temporary insurance - Use of binders

North Dakota Statutes

§ 26.1-39-23 — Temporary insurance - Use of binders

North Dakota § 26.1-39-23

Title 26.1Insurance

Ch. 26.1-39Property and Casualty Insurance

This text of North Dakota § 26.1-39-23 (Temporary insurance - Use of binders) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-39-23 (2026).

Text

A binder or contract for temporary property lines of insurance may be made orally or in
writing and is deemed to include all the terms of a standard fire insurance policy and all
applicable endorsements as may be designated in the binder. However, the cancellation clause
of the standard fire insurance policy and the clause specifying the hour of the day at which the
insurance commences may be superseded by the express terms of the binder. A duly
authorized binder must be accepted as evidence of insurance coverage required as a condition
of financing the purchase of property, except that a mortgagee or lender is not required to
accept a renewal or extension of the binder. Any insurance producer who has express authority
to bind property and casualty lines of insurance coverage, and who oral

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A binder or contract for temporary property lines of insurance may be made orally or in
writing and is deemed to include all the terms of a standard fire insurance policy and all
applicable endorsements as may be designated in the binder. However, the cancellation clause
of the standard fire insurance policy and the clause specifying the hour of the day at which the
insurance commences may be superseded by the express terms of the binder. A duly
authorized binder must be accepted as evidence of insurance coverage required as a condition
of financing the purchase of property, except that a mortgagee or lender is not required to
accept a renewal or extension of the binder. Any insurance producer who has express authority
to bind property and casualty lines of insurance coverage, and who orally agrees on behalf of an
insurer to provide insurance coverage, if requested, shall execute and deliver a written
memorandum or binder containing the terms of the oral agreement to the insured within three
business days from the time of the oral agreement.