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

Virginia Statutes

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

Virginia § 46.2-481

JurisdictionVirginia

Title 46.2MOTOR VEHICLES

Subtitle IITITLING, REGISTRATION AND LICENSURE

Ch. 3LICENSURE OF DRIVERS

Art. 17MOTOR VEHICLE LIABILITY INSURANCE POLICIES

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Bluebook

Va. Code Ann. § 46.2-481 (2026).

Text

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.

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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.