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Vermont Statutes Title 8. Banking and Insurance, § 4711. Cancellation of commercial risk insurance

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A notice of cancellation of a policy of commercial risk insurance as defined in this chapter but excluding farm risks, issued under this chapter shall be effective only if it is based on:

(1) nonpayment of premium;

(2) fraud or material misrepresentation affecting the policy or in the presentation of a claim under the policy, or violation of any of the terms or conditions of the policy; or

(3) substantial increase in hazard provided that cancellation for this reason shall be effective only after prior approval of the Commissioner.

(b) This section shall not apply to any policy or coverage which has been in effect less than 60 days at the time notice of cancellation is mailed or delivered by the insurer unless it is a renewal policy.

(c) This section shall not apply to nonrenewal.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 4711. Cancellation of commercial risk insurance - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-4711/

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