An amendment or addition to an existing insurance policy that changes the terms, coverage, or conditions. Endorsements can add, remove, or modify coverage. For example, adding a home-based business endorsement to a homeowner's policy or a specified perils endorsement to an auto policy. Also sometimes called a rider.
Understanding endorsement is important for Canadian insurance consumers because it directly affects how your coverage works and what you can expect when you need to use your insurance. This is a foundational insurance concept that applies across multiple types of coverage and is worth understanding regardless of what insurance you carry.
If you have questions about how endorsement applies to your specific insurance needs, speaking with a licensed insurance broker can help clarify your options and ensure you have the right level of protection.
An addition or amendment to an insurance policy that modifies or extends coverage. Riders are commonly used in life and health insurance to add benefits such as waiver of premium, accidental death, or critical illness coverage. In property insurance, similar modifications are called endorsements. Riders typically come at an additional cost.
A specific condition, circumstance, or type of loss that is not covered by an insurance policy. Exclusions are clearly listed in the policy document and define the boundaries of coverage. Common exclusions include intentional damage, wear and tear, nuclear hazards, and acts of war. Some exclusions can be removed by purchasing endorsements.
A licensed insurance broker can explain how endorsement applies to your specific situation and help you find the right coverage.
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