This certificate does not amend, extend or alter the coverage afforded by the policies below.ī. This certificate is issued as a matter of information only and confers no rights upon the certificate holder.
The form sets forth the liability limits and contains the following three statements:Ī. ACORD 27 (Evidence of Property Insurance)ĪCORD 25-S purports to evidence existing insurance policies which are identified by number, effective date and expiration. He or she is likely to receive one of the following forms of certificate of insurance:Ģ. The real estate practitioner often is presented certificate of insurance as evidence that a party to a real estate transaction (whether it be a loan, a lease, a reciprocal easement agreement, a construction contract or otherwise) has provided the insurance required by the documentation governing the transaction. Key to understanding insurance and coverage is having an understanding of the types of certificates of insurance that may be received during a real estate transition. Proof of such insurance comes by way of certificates evidencing coverage.
Insurance should be a requirement for any real estate transaction, to protect against a myriad of potential exposure areas.
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