1. At least thirty days before the end of the policy or contract term, an insurer
shall mail or deliver to the last known address of the first named insured a renewal
policy or contract, an offer to renew the current policy or contract, or a notice
of nonrenewal of the policy or contract. Information concerning the renewal policy or contract, the offer to renew the policy
or contract, or the notice of nonrenewal of the policy or contract shall also be mailed,
delivered, or transmitted electronically to the last known address of the producer
of record of the policy or contract.
a. An offer to renew the policy or contract shall state the renewal premium and the
date that the premium is due. The renewal premium shall be based on the known exposure as of the date of the offer
b. If the renewal premium is not received by the due date or the policy or contract
expiration date, whichever is later, the policy or contract lapses.
2. If an insurer fails to comply with the notice requirements of this section, the
policy or contract shall be extended on the same terms and conditions for another
policy or contract term or until the effective date of similar insurance procured
by the insured, whichever is earlier. The insurer may make continued coverage contingent upon the payment of premium.
3. Renewal of a policy or contract does not constitute a waiver or estoppel with respect
to grounds for cancellation that existed before the effective date of the renewal.
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