When a Policy Is Obtained from a Broker - A broker is the agent of the applicant. Until the broker obtains a policy, the applicant is normally not insured. When a Policy Is Obtained from Agent - An agent is the agent of the insurer. Provisions Mandated by Statute - A court will deem that a policy contains such a clause even if it is not actually included in the language of the contract. If the insurance is for less than this percentage, the owner is responsible for a proportionate share.
Arbitration clauses are valid.
Multiple Insurance Coverage - If policies with several companies cover the same risk and the amount of coverage exceeds the loss, the insured collects from each insurer its proportionate share of the liability to the total amount of insurance. Antilapse Clause - Provides grace period for insured to pay an overdue premium. If there is an ambiguity or uncertainty, it is interpreted against the insurer. An insurer may be required to give advance written notice. If there is a claim, the insurer must investigate.