P.R. Laws tit. 26, § 1123
(1) Subject to the insurer’s requirements as to payment of premium, every policy shall be mailed or delivered to the insured or to the person entitled thereto within a reasonable period of time from the date in which the insured applied for its issuance.
When the insurer fails to take action for a reasonable period of time after payment of the first premium, such omission shall be considered as an issuance and delivery of the policy of the kind and in the amount applied for.
(2) If the original policy is delivered or is so required to be delivered to or for deposit with any vendor, mortgagee or pledgee of any personal or real property, and in which policy any interest of the vendee, mortgagor, or pledgor in or with reference to such personal or real property is insured, a duplicate of such policy or memorandum thereof, [setting forth the name and address of the insurer,] type of coverage, limit of liability, premiums for the respective coverages, and duration of the policy, shall be delivered by the vendor, mortgagee, or pledgee to each such vendee, mortgagor, or pledgor named in the policy or coming within the group of persons designated in the policy to be so included.
If the policy does not provide coverage of legal liability for injury to persons or damage to the property of third parties on behalf of the vendee, mortgagor, or pledgor, a statement of such fact shall be printed, written or stamped conspicuously on the face of such duplicate policy or memorandum.
History —Ins. Code § 11.230; July 23, 1974, No. 133, Part 1, p. 598, § 6.