- (a) If an insurer issues and delivers a policy to a lender on property of a borrower that has been pledged, mortgaged, or is subject to a conditional contract of sale, the insurer must issue a certificate to the borrower or owner of the property in accordance with subsection (b) of this section.
(b) The certificate issued under this section shall set forth:
- (1) the coverages provided in the policy;
- (2) the amount of premium charged for the policy;
- (3) the date the policy takes effect; and
- (4) the date the policy expires.
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 380.