Property – Mortgage and loss payments will be notified on standard property policies – 10 days before the insurer is canceled for non-payment, 30 days before any other reason and up to 10 days before the policy is canceled (unless That the requirements of the state are not revised). Other certificate holders,
even additional insurers, will not be informed. Certificates and evidence of insurance forms, which ACORD took effect in late 2009 / early 2010, have raised the alarm between insurance certificate holders and the insured they must provide. Until insurers issue manuscripts for their policies (which is unlikely), insurers no longer pledge that they will attempt to notify the majority of certificate holders when the policy is canceled. The new certificate forms have eliminated assurances that the insurer will “attempt to mail __ days written notice to the certificate holder.”
They simply state that “… should any of the above mentioned policies be canceled before the expiry date, notice will be given as per the policy provisions.” Standard commercial insurance policies provide previously designated insurance with a 10-day notice of cancellation. For non-payment of premium. If the insurer cancels a mid-term for any reason other than non-payment of premium, commercial general liability, automobile and property policies, it provides 30 days notice of cancellation.
Workers compensation policies, however, provide only 10 days notice of mid-term cancellation. If an insurer does not allow the policy to be canceled mid-term, it may cancel a commercial automobile or workers’
compensation policy without advance notice. Asset policies cannot also be used without any advance notice to the insured, but if any mortgage or loss is payable on the policy, they must be given at least 10 days advance notice. General liability policies can only be unpublished with 30 days notice. You may ask, “Why does the certificate holder not need the insurance form’s insurance certificate and its insurance agent?”