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What are the requirements of a service contract provider insuring service contracts under a reimbursement policy?

April 26, 2017contract contracts insuring policy Provider Reimbursement requirements service

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What are the requirements of a service contract provider insuring service contracts under a reimbursement policy?

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Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale in this State shall conspicuously state that the insurer that issued the policy shall either reimburse or pay on behalf of the provider any covered sums the provider is legally obligated to pay or in the event of the provider’s nonperformance, shall provide the service which the provider is legally obligated to perform according to the provider’s contractual obligations under the service contracts issued or sold by the provider.