Policy Change or Cancel

Ark Agency Animal Insurance Services

 POLICY CHANGE OR CANCEL

 To make a change to an insurance policy

Policy changes are usually made because the Insured wants to add or remove coverage, add an additional insured or mortgagee, or to make a change to or to correct a policy in some way.

 Common policy changes include:

• Raising or lowering the insured value of insured property;
• Raising or lowering the limit of liability;
• Adding or subtracting an insured activity (exposure);
• Adding or subtracting an insured item;
• Correcting or adding a Named Insured or a location to the policy;
• Adding an Additional Insured who has requested to be listed on your policy; and
• Adding a lender or mortgagee to your policy

Requirements vary for making a policy change according to the change being requested.  Some policy changes result in additional or return premium.  Some change requests require proof of or review of an increased desired value, limit, or additional exposure. Therefore, please call in or e-mail your request for the change to your customer service representative.  The request will be reviewed and we will explain what is needed to complete the request.

Whatever the change may be, the insurance company will require a written request for the change that clarifies who is requesting it and the exact nature of the change. This request should be dated and signed by the First Named Insured on the policy.  The First Named Insured is usually the only person who can request a policy change.

To cancel an insurance policy

Insurance policies may be canceled by the Insured for almost any reason.

 Common reasons to cancel include:

•  Replacement of the coverage with another policy;
• Selling the insured business, a property, or a horse;
• Inability to pay the premium;
• Discontinuing the insured activity in its entirety

It is very important that you request cancellation of a policy prior to the date that is desired.  Waiting weeks or months to initiate the cancellation can result in less than a maximum return of premium and additional documentation from you.  Also keep in mind that if a policy is replaced, insurance law does not allow two policies to be in effect on the same exposure. Therefore the canceled coverage date and the new inception date should not overlap.

The insurance company will require that the request to cancel a policy be put in writing.  Your request should specify who is requesting the cancellation, policy number, company name, and date for the desired termination of the policy.  Some cancellations require by law that Additional Insureds, lenders and mortgagees are given adequate notice of the cancellation before the termination of coverage can be official.  The notice is sent by the Insurance Company and the usual notification time is 10 days.  During this time the coverage must remain in force.  The reason for this is that Additional Insureds, lenders and mortgagees are also insured for their losses under the policy. They need adequate time to evaluate and question the pending loss of coverage, and maybe to replace it.  This is the reason the law requires cancellation notices be sent to these entities prior to cancellation.

The insurance company will require that the written request for cancellation is signed by the First Named Insured on the policy.  The First Named Insured is usually the only person who can request cancellation of a policy.

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General information is provided on this insurance topic.  Acting on our coverage recommendations does not guarantee coverage if you have a loss or claim.