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2010-05-18T13:04:10-07:00
2010-05-18T11:45:30-05:00
2010-05-18T13:04:10-07:00
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3 Tr
/F16 13.13 Tf
100 Tz
29.28 331.20 TD
(A cour once desbed a certcate of inurance as) Tj
/F16 9.90 Tf
35.52 12.24 TD
(a "worthless document." Bradley Real Estate Trust) Tj
/F17 8.90 Tf
0.00 -12.24 TD
(v. Plummer & Rowe Ins. Agency, Inc., 60 A.2d 1233) Tj
/F18 7.36 Tf
-35.28 -13.92 TD
(\(N.H. 1992\). Given recent developments, tl descrption) Tj
/F17 9.80 Tf
-.48 -10.32 TD
(arguably remain accurate for the cuent version of the) Tj
/F17 9.93 Tf
0.24 -12.00 TD
(ACORD 28 "Evidence of Commercal Propert Inurance.") Tj
/F16 13.02 Tf
47.28 -21.12 TD
(Certificates and Evidences of) Tj
/F18 9.12 Tf
24.72 -12.00 TD
(Insurance Generally) Tj
/F16 11.20 Tf
-72.24 -15.12 TD
(When lenders make loan secd by real estate, they) Tj
/F17 9.67 Tf
0.00 -12.24 TD
(usually requie the borrower to provide proof that the bor-) Tj
/F18 7.55 Tf
0.00 -12.00 TD
(rower has propert inurance in an amount sufcient to) Tj
/F16 10.43 Tf
0.00 -12.00 TD
(payoff the loan in case the improvements are destroyed by) Tj
/F16 10.54 Tf
0.00 -12.00 TD
(casualty. Loan servcers also have a strng interest in hav-) Tj
/F17 10.06 Tf
0.00 -12.00 TD
(ing meaningfu certcates of insurance exit becaus their) Tj
/F16 11.27 Tf
-.24 -12.00 TD
(contracts usualy requie them to conf the existence of) Tj
/F18 7.54 Tf
0.00 -12.24 TD
(propert inurance and tiely renewals, but the volume of) Tj
/F16 10.52 Tf
0.24 -12.00 TD
(loans that they servce makes it impractcal for them to read) Tj
/F16 10.33 Tf
-.24 -12.00 TD
(every policy) Tj
/F16 10.47 Tf
-.72 -21.12 TD
(W. Rodney Clement Jr. is a member of the Jackson,) Tj
/F18 8.43 Tf
0.00 -12.00 TD
(Mississippi, fi of Bru, Grantham, Grower & Hewes,) Tj
/F16 11.09 Tf
0.00 -12.24 TD
(PLLC, vice-eai of the Real Estate Financig Group, and) Tj
/F16 11.31 Tf
0.00 -12.24 TD
(a member of the Contiuing Legal Education Committ.) Tj
/F18 7.38 Tf
0.96 -43.68 TD
(46 PnoHATE &: PnOPEltTY. MAy/JUNE 2010) Tj
/F16 10.59 Tf
284.16 720.48 TD
(The traditional proof of the exitence of property inur-) Tj
/F18 7.30 Tf
-11.52 -12.24 TD
(ance has been a certcate of inurance issued by an inurance) Tj
/F17 9.74 Tf
-.24 -12.24 TD
(agent or broker. The dierence betwee an inurance agent) Tj
/F16 11.04 Tf
0.24 -12.00 TD
(and an inurance broker ca be important in evaluatig the) Tj
/F18 7.58 Tf
-.24 -12.24 TD
(certcate. An inurance agent usualy repreents one inurer) Tj
/F18 7.02 Tf
0.24 -12.24 TD
(and has authority to bind the company, subject to litations) Tj
/F16 10.87 Tf
0.00 -12.00 TD
(in the contract between the inurr and the agent. An inur-) Tj
/F16 11.29 Tf
0.00 -12.24 TD
(ance broker, on the other had, usualy represents the inur) Tj
/F18 7.93 Tf
0.00 -12.00 TD
(in obtaing inurance from among inurrs. Although an) Tj
/F16 10.87 Tf
0.00 -12.24 TD
(inurance agent usualy has broad authonty to act on behal) Tj
/F16 10.84 Tf
0.00 -12.24 TD
(of the inurr whom it represents, an inurance broker has au-) Tj
/F17 9.71 Tf
0.24 -12.00 TD
(thonty only to the extent that an inurer contractualy grants) Tj
/F17 9.58 Tf
-.24 -12.00 TD
(such authonty to the broker. Agents and brokers someties) Tj
/F16 10.93 Tf
0.00 -12.00 TD
(ar collectively referrd to in the industr as "producers.") Tj
/F16 11.53 Tf
12.00 -12.00 TD
(Cour often quote the defition of a certcate of inur-) Tj
/F17 9.97 Tf
-11.76 -12.00 TD
(ance from Black's lW Dictionan;: "A docent ackowledg-) Tj
/F18 7.13 Tf
0.00 -12.00 TD
(ing that an inurance policy has been wntten, and settg forth) Tj
/F17 9.59 Tf
0.00 -12.00 TD
(in general term what the policy covers." Black's Law Diction-) Tj
/F17 9.93 Tf
0.00 -14.88 TD
(ar 256 \(9th ed. 200\). Although certcates of inurance have) Tj
/F16 11.14 Tf
-.24 -9.12 TD
(bee used for many years, the fist standardied form were) Tj
/F17 9.50 Tf
0.24 -12.24 TD
(promulgated by the Assocation for Cooperative Operations) Tj
/F16 10.22 Tf
0.00 -11.76 TD
(Research and Development \(ACORD\) in 1976. ACORD form) Tj
/F17 9.37 Tf
0.00 -12.24 TD
(are not considered inurance policies that have to be approved) Tj
/F17 9.69 Tf
-.24 -12.00 TD
(by state inurance commsioners. In contrast to ACORD,) Tj
/F17 9.80 Tf
0.24 -12.24 TD
(Inurance Servces Offce, Inc. \(ISO\), prepars standard inur-) Tj
/F16 10.52 Tf
0.00 -12.00 TD
(ance policy form that are approved by the states and that) Tj
/F16 12.92 Tf
0.00 -12.00 TD
(inurrs can purase.) Tj
/F16 10.48 Tf
12.24 -12.00 TD
(ACORD promulgates many form. The form that ad-) Tj
/F17 9.91 Tf
-12.00 -12.24 TD
(drsses propert inurance for commercial propertes is the) Tj
/F17 9.80 Tf
0.00 -12.00 TD
(ACORD 28, entitled "Evidence of Commercial Propert Inur-) Tj
/F17 10.06 Tf
-.24 -12.24 TD
(ance." The signcance of namg ths form an "evidence") Tj
/F18 6.83 Tf
0.00 -12.00 TD
(rather than a "certcate" is that an evidence is provided to) Tj
/F18 7.66 Tf
0.00 -12.24 TD
(someone with a dit interst in the propert being inurd,) Tj
/F16 10.23 Tf
0.24 -12.00 TD
(such as a mortgagee.) Tj
/F18 8.13 Tf
11.76 -12.00 TD
(When a borrower purases a new propert inurance) Tj
/F17 9.54 Tf
-12.00 -12.24 TD
(policy contemporaneously Witli a closing, an inurer can) Tj
/F17 9.78 Tf
0.00 -12.24 TD
(provide a binder, which is a temporar inurance contract) Tj
/F16 10.96 Tf
0.00 -12.00 TD
(providig proof of inurance unti the offcial policy is isued.) Tj
/F16 10.17 Tf
0.00 -12.00 TD
(See ACORD 75 \(insurance binder\). From the standpoint of) Tj
/F17 9.30 Tf
0.48 -12.00 TD
(the lender, a binder is a poor substitute for a policy becaus a) Tj
/F17 9.57 Tf
-.48 -12.00 TD
(binder does not contain al of the term of the policy. More-) Tj
/F16 10.78 Tf
0.24 -12.24 TD
(over, a binder tyicaly expires afer six or fewer month, de-) Tj
/F16 10.26 Tf
-.24 -12.00 TD
(pending on state law. Thus it is possible that the binder could) Tj
/F16 10.65 Tf
0.00 -12.24 TD
(expir before a policy is issued because the insurance industr) Tj
/F16 10.57 Tf
0.24 -11.76 TD
(is notonously slow in providig the policy after the premium) Tj
/F17 9.38 Tf
-.24 -12.24 TD
(has been paid. Policies for commercial properes and large) Tj
/F16 11.30 Tf
0.00 -12.00 TD
(mtti-fay properes usualy take longer than policies for) Tj
/F16 11.06 Tf
0.24 -12.00 TD
(residential and smal multi-famy propertes becaus the) Tj
/F17 9.63 Tf
0.00 -12.00 TD
(insurer inpects the propert before the policy is issued.) Tj
/F17 11.97 Tf
65.76 -20.88 TD
(Evolution of the Current) Tj
/F17 11.10 Tf
20.40 -12.24 TD
(ACORD 28 Form) Tj
/F18 7.05 Tf
-86.16 -15.12 TD
(Before 2003, if an inurd asked its agent for prof of propert) Tj
/F18 5.00 Tf
0.00 -12.24 TD
(insurance, the agent usualy would provide an ) Tj
/F16 9.84 Tf
193.44 0.24 TD
(ACORD 24,) Tj
/F17 9.60 Tf
-193.20 -12.48 TD
("Certicate of Property Insurance." The ACORD 24 provided,) Tj
/F16 10.97 Tf
-.24 -12.00 TD
(among other thgs, "\(tlhis certcate is issued as a matter of) Tj
/F18 7.41 Tf
0.00 -12.24 TD
(inormation only and confers no nghts upon the certcate) Tj
/F16 10.37 Tf
289.20 550.08 TD
(i) Tj
/F16 5.05 Tf
0.00 -4.08 TD
(-I) Tj
/F16 8.65 Tf
-.96 -358.32 TD
('I) Tj
/F16 5.00 Tf
4.80 -4.32 TD
(l) Tj
0.00 -21.12 TD
(I) Tj
/F16 8.16 Tf
-24.00 -127.44 TD
(o) Tj
/F16 11.04 Tf
-1.20 -6.72 TD
() Tj
/F16 10.09 Tf
-1.44 -3.84 TD
(-') Tj
/F16 8.32 Tf
2.64 -4.80 TD
(0.) Tj
/F16 10.09 Tf
-2.64 -3.84 TD
(-') Tj
/F16 8.16 Tf
2.64 -4.08 TD
(u) Tj
/F16 11.53 Tf
-2.16 -11.52 TD
(~) Tj
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