What is Endorsement?
An endorsement is a change made to an insurance policy that can either add, remove, or modify the coverage, terms, or conditions initially outlined in the policy. These adjustments are legally binding and are typically used to customize insurance policies to better fit the insured’s specific needs.
In personal and business insurance, endorsements can be used for various purposes, such as adding coverage for newly purchased property, increasing liability limits, or clarifying exclusions. For example, an endorsement may be added to cover high-value items like jewelry or electronics that exceed the standard policy limits in homeowners insurance.
Endorsements are essential in customizing an insurance policy to better suit individual needs and circumstances. It is important to review and understand any endorsements added to your policy to ensure they provide the appropriate coverage adjustments.