P&COhiomedium
Under R.C. 3911.08 and Ohio agency law, an oral binder of property insurance issued by a producer with binding authority is generally:
Enforceable for a reasonable time on the terms of the policy to be issued
BVoid as a matter of law under Ohio statutes
CEnforceable only if confirmed by telegram within 24 hours of the oral agreement
DEnforceable for a maximum of 24 hours from the time of issuance
Why this is the answer
Under R.C. 3911.08 and Ohio case law, a licensed producer with binding authority can orally bind coverage. The binder remains in effect for a reasonable period on the same terms as the policy that will issue, until replaced by the written policy or canceled.
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