Insurance Election Clause Samples
The Insurance Election clause defines the process by which a party selects the type and amount of insurance coverage required under an agreement. Typically, this clause outlines the available insurance options, the procedure for making an election, and any deadlines or documentation needed to confirm the chosen coverage. Its core function is to ensure that all parties are adequately protected against specified risks by clearly establishing insurance responsibilities and preventing disputes over insufficient or inappropriate coverage.
Insurance Election. If you choose not to purchase insurance through the carrier of your choice or are unable to secure satisfactory personal liability insurance coverage, you have the option to obtain insurance coverage under an insurance program issued by an insurance carrier we have partnered with. As a resident of this property, you automatically qualify for this coverage with our preferred provider with no underwriting or lengthy application. Participation in this program allows you to conveniently pay the insurance charges with your monthly rent. Following your execution of this Lease, you will be sent a link via email or text message to an online insurance portal where you must either enroll in the insurance program offered by our preferred provider or upload proof of insurance if you already have insurance or if you decide to purchase the insurance through a carrier or agency other than our preferred provider. If you choose to participate in this preferred provider’s program, you agree that you will be charged $14.50 monthly with your rent to cover the costs of securing personal liability coverage in an amount of $100,000.00 and personal property coverage in an amount of $10,000.00. The insurance company will issue a certificate of insurance to you that will describe the limits, conditions and terms of the coverage provided. A description of the insurance coverage and the insurance carrier are available by visiting the online insurance portal. If you have questions regarding the insurance program, please call ▇▇▇-
Insurance Election. ▇▇▇▇▇ to August 1st of each year, the teacher must elect either single or dependent coverage or no coverage. No change will be made during the year unless there is a family death, divorce or legal separation, birth of a child, or a change in job status in the immediate family that makes a change necessary. Teachers electing to change coverage during the year must pay the additional premium rate. The Board agrees that it will not change the current hospitalization insurance plan without prior consultation with the Association.