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<br />CONDITIONS <br /> <br />This Company binds the kind(s) of insurance stipulated on the reverse side. The Insurance is subject to the <br />terms, conditions and limitations of the policy ties) in current use by the Company. <br /> <br />This binder may be cancelled by the Insured by surrender of this binder or by written notice to the Company <br />stating when cancellation will be effective. This binder may be cancelled by the Company by notice to the <br />Insured in accordance with the policy conditions This binder IS cancelled when replaced by a policy If this <br />binder is not replaced by a policy, the Company is entitled to charge a premium for the binder according to the <br />Rules and Rates in use by the Company <br /> <br />Applicable in California <br /> <br />When this form is used to provide insurance in the amount of one million dollars ($1,000,000) or more, the title <br />of the form is changed from "Insurance Binder" to "Cover Note" <br /> <br />Applicable in Delaware <br /> <br />The mortgagee or Obligee of any mortgage or other instrument given for the purpose of creating a lien on real <br />property shall accept as eVidence of insurance a written binder issued by an authorized insurer or its agent if <br />the binder includes or is accompanied by: the name and address of the borrower; the name and address of the <br />lender as loss payee; a description of the insured real property; a provision that the binder may not be canceled <br />within the term of the binder unless the lender and the insured borrower receive written notice of the cancel- <br />lation at least ten (10) days prior to the cancellation; except in the case of a renewal of a policy subsequent to <br />the closing of the loan, a paid receipt of the full amount of the applicable premium, and the amount of <br />Insurance coverage. <br /> <br />Chapter 21 Title 25 Paragraph 2119 <br /> <br />Applicable in Florida <br /> <br />Except for Auto Insurance coverage, no notice of cancellation or nonrenewal of a binder is required unless the <br />duration of the binder exceeds 60 days, For auto insurance, the insurer must give 5 days prior notice, unless <br />the binder is replaced by a policy or another binder in the same company. <br /> <br />Applicable in Nevada <br /> <br />Any person who refuses to accept a binder which provides coverage of less than $1,000,000.00 when proof IS <br />required, (A) Shall be fined not more than $500.00, and (8) is liable to the party presenting the binder as proof <br />of insurance for actual damages sustained therefrom. <br /> <br />ACORD 15-5 (1/98) <br /> <br />L ' l.fJ'W ..1 ',1 !I~ 0.' "1)I~.'n7 "17 \,y 1.1<,,,r"'I~.r''''' <br /> <br />PF..01 <br /> <br />1~,1 LF.'i..1~!-l~o,,1'-IIJ!n, 8"'r'l'J~ert~?tllP <br />