ND HB1198

Amends North Dakota Century Code section 26.1-39-23 to modify rules governing temporary insurance binders for farm and personal property coverage.

Allows binders to be made orally or in writing and requires they include all terms of a standard fire insurance policy and applicable endorsements, with limited exceptions for cancellation and commencement hour clauses.

Requires insurance producers with express authority to bind farm and personal property casualty coverage to execute and deliver a written memorandum or binder to the insured within three business days of any oral agreement to provide coverage.

Permits mortgagees and lenders to accept binders as evidence of required insurance coverage but prohibits them from being required to accept renewal or extension of binders.

Passed with strong bipartisan support: House vote 91-1-2, Senate vote 46-0-1.