Endorsement No.
Effective date of this endorsement: 12:01 a.m. on
To be attached to and form part of Policy Number:
Issued to:
By:
ALASKA AMENDATORY ENDORSEMENT
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
This endorsement modifies insurance provided under the following:
SECUREXCESS POLICY
1. Section X., MODIFICATION, CANCELLATION AND NONRENEWAL, paragraph C. is deleted and replaced by the following:
C. The Insurer may cancel this Policy only for nonpayment of premium, and only by mailing by first class mail to the Policyholder and to the agent or broker of record written notice stating when, not less than twenty (20) days thereafter, such cancellation shall become effective. The mailing of such notice shall be sufficient proof thereof and this Policy and the Policy Period shall terminate at the date and hour specified in the notice. The Insurer shall obtain a certificate of mailing from the United States Postal Service and notice of cancellation shall include or be accompanied by a statement of the reason for cancellation.
If the Policy is cancelled by the Insurer, the Insurer shall retain the pro rata proportion of the premium. The Insurer shall return or credit any unearned premium paid to the agent or broker of record, or directly to the Policyholder or premium finance company, if applicable, within forty-five (45) days after notice of cancellation is given.
2. Section X., MODIFICATION, CANCELLATION AND NONRENEWAL, paragraph D. is deleted and replaced with the following:
D. If the Policy is canceled by the Policyholder, the Insurer shall retain the customary short rate proportion of the premium, which shall not exceed 7.5% of the unearned premium. The Insurer shall return or credit the unearned premium less the customary short rate proportion of the premium:
(i) within forty-five (45) days of receipt of the surrendered Policy or written notice of cancellation or the effective date of cancellation, whichever is later; or
(ii) if this Policy is selected for audit, within forty-five (45) days of completion of an audit, the Insurer shall perform and complete an audit within forty-five (45) days of receipt of the surrendered Policy or written notice of cancellation of the effective date of cancellation, whichever is later.
3. Section X., MODIFICATION, CANCELLATION AND NONRENEWAL, paragraph F. is deleted and replaced by the following:
Notwithstanding anything to the contrary set forth elsewhere in the Policy, in the event that any Underlying Insurance is rescinded by agreement or legal process for fraud or other material misrepresentation by the Policyholder or any of the Insureds, then this Policy shall be deemed to be automatically and immediately rescinded, but only with respect to any Insurance Product containing such rescinded Underlying Insurance and provided that the application for such Underlying Insurance is attached to and made a part of this Policy.
4. Section X., MODIFICATION, CANCELLATION AND NONRENEWAL, is amended by the following:
G. If the Insurer offers to renew this Policy on terms which involve a premium increase of more than 10% for a reason other than an increase in coverage or exposure base, or if after renewal there will be a material restriction or reduction in coverage not requested by the Policyholder, the Insurer will mail written notice by certified mail to the Policyholder at the last known address and to the broker or agent of record at least forty-five (45) days before the end of the Policy Period. The Insurer shall obtain a certificate of mailing from the United States Postal Service.
All other provisions remain unchanged.
Authorized Representative
Date
SE 1223 (Ed. 0203) Page 1 of 2 Printed in U.S.A.