Insurance Policy Addendum

An Insurance Policy Addendum is a document that modifies or supplements the terms of an existing insurance policy. The addendum typically includes the specific changes or additions to the policy, such as new coverages, exclusions, or endorsements, as well as the effective date of the changes and any corresponding adjustments to the premiums or deductibles. Insurance policy addendums are often used to tailor a standard policy to the specific needs of the policyholder or to comply with changes in laws or regulations. They are legally binding and become part of the insurance contract once signed by both the insurer and the policyholder.