Document background
The Insurance Addendum is a supplementary document used to modify existing insurance policies in Canada when changes are required to the original coverage, terms, or conditions. This document type is essential when circumstances necessitate adjustments to insurance coverage without creating an entirely new policy. Common scenarios include adding new assets, changing coverage limits, updating beneficiaries, or responding to regulatory requirements. The addendum must comply with both federal insurance regulations and specific provincial insurance laws where the policy is issued. It serves as a formal amendment that becomes an integral part of the original insurance contract, maintaining legal enforceability while documenting all modifications clearly and comprehensively.
