58-32-27. Evidence of insurance--Certificate, execution, content.
126 words·~1 min read·
/sd/title-58/chapter-58-32/58-32-27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon placing a surplus line coverage, the broker shall promptly issue and deliver to the insured evidence of the insurance consisting either of the policy as issued by the insurer or, if such policy is not then available, the surplus line broker's certificate of insurance. Such a certificate shall be executed by the broker and shall show the description and location of the subject of the insurance, coverage, conditions and term of the insurance, the premium and rate charged and taxes collected from the insured, and the name and address of the insured and insurer.
If the direct risk is assumed by more than one insurer, the certificate shall state the name and address and proportion of the entire direct risk assumed by each such insurer.