What is required for a Waiver of Term or Condition to be binding?

For a Waiver of Term or Condition to be binding, it is essential that there is a Signature of the insurer’s authorized person. This is because waivers are formal modifications or exceptions to the terms of an insurance contract, and to ensure their enforceability, they need to be documented and approved by someone with the requisite authority within the insurance company.

The binding nature of the waiver relies on having a representative from the insurer who has the power to alter the contract's terms. This signature signifies the insurer’s official recognition and acceptance of the change, providing legal clarity and reducing the possibility of disputes over what alterations were agreed upon.

This requirement reflects the principle that contract modifications typically necessitate formalization to be legally enforceable, ensuring that both parties are clear on any changes made to their obligations under the policy. Without this signature from an authorized person, the waiver may not hold up in court or could be contested in the event of a claim or disagreement.