When you purchase an insurance policy, you may receive several endorsements in addition to your policy book. It is important to study policy endorsements so you know how your policy protects you.
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An insurance endorsement is a document that makes a change to an insurance policy. Endorsements are most often used with auto and homeowner's insurance policies.
Endorsements can be used to add coverages, policy terms or exclusions to a policy without creating and issuing a new policy book.
Endorsements save insurance companies money because the companies do not have to print dozens of specialised policy books. These savings are passed on in the form of lower premiums.
Homeowner's Insurance Endorsements
Common homeowner's insurance endorsements add home business, scheduled (listed) personal property and personal injury coverage. You can also add an endorsement to cover earthquake damage.
Auto Insurance Endorsements
Insurance companies can add policy endorsements to cover towing and labour costs, speciality and modified vehicles, personal injuries and damage caused by uninsured motorists. Auto policy endorsements can also add or delete exclusions, which are statements of losses not covered under the policy.
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