What is an insurance "endorsement"?

An insurance "endorsement" refers to an amendment that modifies an existing policy. It allows for changes to the terms, coverage, or exclusions of the original insurance policy without having to create a new policy altogether. This could include adding or removing information, updating coverage limits, or modifying conditions based on the insured's needs or changes in circumstances.

For instance, if a policyholder acquires additional assets or updates their address, an endorsement can be used to incorporate these changes into the existing policy. This flexibility is important for both insurers and policyholders to ensure that coverage remains relevant and accurate over time. Endorsements are often utilized as a way to tailor insurance products to specific consumer needs while maintaining the foundational aspects of the original contract.