What it does
IL 02 86 modifies the Commercial Auto, CGL, Inland Marine, Crime and Fidelity, Employment-Related Practices, Equipment Breakdown, Farm, Medical Professional and Products/Completed Operations coverage parts for Michigan.
Key provisions (04 17 edition)
- The first Named Insured may cancel by giving notice to the insurer or its authorized agent.
- The insurer mails or delivers its notice to the first Named Insured's last known address, as known to the insurer or its authorized agent.
- Refunds after cancellation are pro rata. The minimum earned premium is the greater of the pro rata premium for the expired time or $25.
- Nonrenewal: written notice must be mailed or delivered at least 30 days before expiration. Proof of mailing is sufficient.
Quoting and selling notes
- Insured-requested cancellations in Michigan are generally pro rata under this form, rather than the "may be less than pro rata" wording in IL 00 17.
- Track nonrenewal notices against the 30-day minimum.
