Agreement to Furnish Insurance
This agreement outlines the responsibilities of a buyer to secure insurance for a motor vehicle being transferred from a seller. It specifies the deadline for the buyer to furnish the insurance policy and provide its details to the seller. Should the buyer fail to do so, the seller is authorized to obtain the necessary insurance, with the buyer being responsible for reimbursing the premium costs.
Agreement to Furnish Insurance
This agreement is made on [date] between [name of seller], hereafter “Seller,” and [name of buyer], hereafter “Buyer”:
This agreement refers only to the motor vehicle listed here, the title of which is being transferred from the Seller to the Buyer on [date]: [make and model], [color and year], [plates (if applicable) and state], [vin].
The Buyer hereby agrees to furnish insurance for the aforementioned vehicle no later than [date]. This insurance policy must include [requirement], and the Buyer must supply the Seller with the full details of the policy no later than [date].
If the Buyer does not furnish insurance in the allotted time above, the Seller will procure an insurance policy that covers [requirement], and the Buyer will repay the Seller for the cost of the premium(s).
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