Legal Question in Business Law in Colorado
Insurance Cancelation
On June 1 of 2006 my workers comp insurance was caneled due to a lapse in payment. I went ahead a let the policy cancel completely and did not make any further payments. The company is now trying to collect for the unpaid premium. I thought since it was canceled, they dropped me and I was not obligated to pay anymore of the premium. What is my legal obligation in this matter. Thank you for your time.
2 Answers from Attorneys
Re: Insurance Cancelation
Check your insurance agreement. There may be a provision obligating you to pay a portion of the contract (called "liquidated damages") even if they cancel your coverage.
Re: Insurance Cancelation
Check your insurance agreement. There may be a provision obligating you to pay a portion of the contract (called "liquidated damages") even if they cancel your coverage.
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