The Difference Between an Amendment & an Endorsement in Insurance

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An amendment and an endorsement, when it comes to insurance, are two very different things. Find out the difference between an amendment and an endorsement with help from a business consultant in this free video clip.

Part of the Video Series: Finance & Business Advice
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Video Transcript

Hi, my name is Alexis Guerreros. I'm a business consultant. Today, I'm going to talk to you about the difference between an amendment or an endorsement when it comes to insurance. Now put very simply an amendment is a change they make. That typically comes when laws change and maybe the policy for bodily injury inside an insurance policy changes. What happens is they actually have to send you the amendment documentation to let you know that the policy that you have is changing. Something that happens typically whenever laws change or maybe once a year. Look out for that, make sure to read the paperwork. An endorsement is a change you make in your insurance. Say you are adding another car, maybe a new driver. Or maybe you want to increase the amount of liability for your bodily insurance. Maybe you want to decrease it, make any changes at all. That's an endorsement. What you typically want to do there is get in contact with the person who sold you the insurance or who manages your insurance policy and review it then. Keep in mind that any changes that you make will affect the money that you either owe positively or negatively. So you may owe more or you may actually owe them less. And it may change the way that you handle your insurance policy. So keep that in mind next time you want to make a change or a change happens to you. Good luck out there.

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